Hello Mustachians,
My parents and I went in on rental property 40%-60%. I make under $100k and they have a combined income of over $150k. My name is not on the title/deed of the home due to a housing option I am attempting to pursue locally. We are looking to put 30-40k of repairs into the home as well as the necessary upkeep on the property. If we establish an LLC, is there a means by which I can write off the repair losses on this rental unit for my taxes even though the home is not in my name? While my parents do not qualify, I would and would it be possible to get the tax benefits if I set up the LLC as my business or some other method? Thank you all for your help!
-Maz_Phil