Living In Property Owned By LLC

[Michael Macaluso]

Hey everybody.

I bought a property in my LLC recently. Original plan was to fix up, rent, get some tax savings, and refi.

Turns out the house is in a great part of town local to us and we see ourselves living there.

The house has already been closed in the name of the LLC.

What is recommended for this situation and what’s the reasoning? Should I rent the property to myself or sell the property to myself, etc.

I would like to be able to use depreciation with the tax year coming to an end. However, I want to make sure I’m not doing anything illegal.

I appreciate any and all responses!