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LLC as a management company

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mrexcitement20

Junior Member
What is the name of your state? Texas

I have a rich relative out of state who wants to invest in a couple of condominiums. If she buys the condos outright she gets to depreciate them over 27 1/2 years correct? I am retired and plan on managing the property for her. Could we set up an LLC as a management company? We would both contribute 50% of all upkeep, taxes, insurance and fees on the property. If I work 2 days a week at managing the property can I deduct anything off my income taxes? I do not plan on drawing a salary from the LLC as management fees. If theres a better way of looking at this please let me know.
Thank you Stan Jaworski
 


divgradcurl

Senior Member
What is the name of your state? Texas

I have a rich relative out of state who wants to invest in a couple of condominiums. If she buys the condos outright she gets to depreciate them over 27 1/2 years correct? I am retired and plan on managing the property for her. Could we set up an LLC as a management company? We would both contribute 50% of all upkeep, taxes, insurance and fees on the property. If I work 2 days a week at managing the property can I deduct anything off my income taxes? I do not plan on drawing a salary from the LLC as management fees. If theres a better way of looking at this please let me know.
Thank you Stan Jaworski
You may want to talk with an accountant about the tax ramifications of what you are thinking about doing.
 

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