All Forum Posts by: Lucas A Riemens

I am looking for advice on how best to track and structure my expenses to get the most tax benefits. Currently my wife and I own two properties in the Cincinnati OH area and have just completed the renovation of our 3 family which we live in the first floor of. We use this as our home, office, work shop, and storage for both properties. We did a fairly extensive rehab of the first floor; kitchen, bath, and floors along with the usual paint etc. Our second property will be getting some foundation work done as well as a full exterior paint and some general touchups inside. Each home is set up under a separate LLC what I am trying to figure out is how I should track/categorize expenses for the greatest tax benefit.

Thank you

I am considering forming an LLC for landscaping and a second for construction. The thought being that it would create additional tax breaks when purchasing equipment etc that would be mainly used to maintain my properties. I believe that the companies can show a loss for up to three years before needing to turn a profit allowing me to write-off/amortize all of the equipment and expenses related to them then show nominal profits from them going forward. Is my though process correct or can I just include these expenses in the LLC that owns the property?

Thanks