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
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