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Updated over 7 years ago on . Most recent reply

Bertie Lench's profile image
Bertie Lench's profile image
Bertie Lench
  • from Oxford, Alabama
  • Member since Oct 29, 2017
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Bertie Lench's profile image
Bertie Lench's profile image
Bertie Lench
  • from Oxford, Alabama
  • Member since Oct 29, 2017
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Bertie Lench
  • Oxford, AL
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General Landlording & Rental Properties

Rental from a closely held LLC

Bertie Lench
  • Oxford, AL
Posted

My wife's family farm which includes 320 acres and two houses has been placed in an LLC. My wife is a 1/6 shareholder, her sisters each hold 1/6 and her aunt 3/6. If my wife and I were to rent one of the houses at market value from the LLC could improvements and repairs on the house by paid for by the LLC and taken as business deductions by the LLC? If my wife's share were passed to our daughter could the LLC do it then?

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