Carmen M. asked
We are planning to buy a property for investment and are considering opening an LLC for the property investment. We have several questions: 1. Should we open the LLC before making an offer on the property, or can we buy the property under our names and transfer it to the LLC later? 2. Should we open the LLC under both my husband and my name, or just my name? I am a stay-home mom with no income. 3. Can we use the expenses for property repairs and improvements for tax deductions? 4. What are the tax implications of forming an LLC in terms of filing jointly and managing the property's expenses?
September 12th, 2023
Nancy C. answered
1. It is advisable to form the LLC before purchasing the property to avoid complications, especially...
September 12th, 2023
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