Corporate or Personal ownership??

[Brademaker]

What is the name of your state? I live in Kentucky and want to buy a condo in Michigan. It would be for family use and not normally rented out.

My question is whether to buy it in my personal name or in the name of a corporation I own. The corporation is a sub "S". I'm looking for maximum tax deductions while it's owned and not worried about taxes if and when it's sold. Interest, depreciation, condo fees, utilities, etc. I would finance about $200,000 of a $250,000 condo.

I'm having trouble getting a straight answer from my CPA. Maybe I need to find a new one.

 

[Snipes5]

If it's for personal or family use, buy it in your personal name, not in the name of your business.

If you are not buying it for investment, ie to rent out, you cannot depreciate it, nor can you claim repairs or other expenses on it.

You will be able to claim mortgage interest and property taxes on your schedule A though, provided it is a primary or secondary residence.

Snipes