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I have an LLC for two rental properties. I file taxes separately for those, under the company name. I bought another property last year, but used personal funds for much of the renovations, expenses, etc. Do I claim those fees on my personal taxes under rental property area or under the business account (which then the loss gets transferred to my personal)??
 
Posts: 1 | Location: Atlanta, GA | Registered: 03-01-08Reply With QuoteEdit or Delete MessageReport This Post
Diamond
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When you bought this property, did you buy it under your name or under the name of your LLC???

It would seem to me if it is under your name then you would get to personally deduct these costs. If not then your LLC incurrs the loss...
 
Posts: 2277 | Location: Martinsville, IL | Registered: 06-03-02Reply With QuoteEdit or Delete MessageReport This Post
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