Can I buy my house with my LLC and "Rent" it out to me?

[Isaiah Williams]

Hey there everyone! I really need some advice on this topic and I would sincerely appreciate anyone's opinion on it! Thank you in advance!

OK so here's the deal.

I bought a 3 bedroom house, but I'm by myself and therefore only really need 1 bedroom.

I already have rented out my other two rooms to close friends of mine and I have them under a lease and everything, but its rented out to me.

I have an LLC that I started about a year ago called Urban Diamond Properties, and I even got My EIN, but I have yet to have actually done anything with it.

I wanted to know, how could I transfer ownership of my house from my name to my LLC's name, along with the leases from my two tenants? I also want to know, since I'm living there as well, could I potentially "lease" out my own bedroom to my LLC, and use the "rent " from my room as well as my other rooms to establish a valid business entity with a legal income? And then once I did that, since my house is technically my "business location" with everything in the house a part of the business, couldn't I write off things like my mortgage, security system, utilities, etc.?

I mainly am looking at being able to establish my LLC as a valid business with an actual track record, and I really think utilizing my house, that Im already renting out, could help jumpstart that process. What are your thoughts / advise on this?

[Basit Siddiqi]

@Isaiah Williams

It sounds like you are house-hacking your property.

You want to consult with an accountant to determine if you would lose the section 121 exclusion since you will no longer be the owner of the portion of the property that is your personal residence.