Tex Revere
Junior Member
What is the name of your state (only U.S. law)? Texas
We want to start an LLC for a home we want to rent out. A couple of questions we need to ask.
One, what is a good book to buy to get acquainted with this process ?
A second question is that the home was purchased by my wife and it was completely paid off by her prior to our marriage. Therefore, we have no mortgage that can be deducted from our rental income and I was curious if the value of her purchase could be paid back to her as a deductible expense since it is a property that has basically been given to the LLC. Don't want to do anything illegal but would like to get every deduction we can. Thanks for the help.
We want to start an LLC for a home we want to rent out. A couple of questions we need to ask.
One, what is a good book to buy to get acquainted with this process ?
A second question is that the home was purchased by my wife and it was completely paid off by her prior to our marriage. Therefore, we have no mortgage that can be deducted from our rental income and I was curious if the value of her purchase could be paid back to her as a deductible expense since it is a property that has basically been given to the LLC. Don't want to do anything illegal but would like to get every deduction we can. Thanks for the help.
