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Updated almost 6 years ago,
Should I put my rental properties under an LLC?
I own a property in Miami Beach that I rent out short term and a property in Austin that I rent out long term both with mortgages. In addition to those, I manage my Mother in Laws long term rental in San Antonio which she owns outright and will likely transfer to my name. Finally, I am looking to purchase a property in Lake Tahoe to rent out short term when we aren't using it.
I was told by Quicken loans that they will not finance a property with an LLC as the owner, that it must be personally owned.
My questions are these:
Are there tax benefits to putting all these properties under an LLC? Together, they would probably net no more than $20000 per year after all expenses.
Do I need the LLC to actually own the properties or can I just report all income and expenses through the LLC?
Is anyone doing something like this and if so, what are the benefits to you?
Thanks,
Jerome