The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: maz_phil on November 01, 2018, 09:39:22 AM
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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
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As I understand the situation your name is not on the deed or the mortgage. As I understand tax law since don't really own the property and have no legal obligation to pay any mortgage you can not deduct any expenses associated with the property.
Disclaimer: I've not an accountant.