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Updated about 5 years ago,

User Stats

16
Posts
5
Votes
Christopher Guerriero
  • saddle brook, NJ
5
Votes |
16
Posts

LLC for rental houses, but houses not purchased under the LLC

Christopher Guerriero
  • saddle brook, NJ
Posted

I own 3 rental houses in New Jersey that were purchased through personal mortgages in my name. My accountant has directed me to form an LLC for each house so she could write off the losses and carry over the loss to my personal tax return, which apparently is not possible without an LLC over multiple years. My first question is whether or not simply forming an LLC is enough to write off the house through said LLC. I would be 100% owner of the LLC but seeing as the property is still not in the LLC's name, I am not certain that I am entitled to claiming the house as an instrument of the business, also any protections from the LLC dealing with seperation of the properties seems to be void in this case. Please let me know if anybody has any experience with this. Thanks

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