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Just wanted to ask, if AN LLC is owned by two people (

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Just wanted to ask...

Just wanted to ask, if AN LLC is owned by two people ( renatl LLC) is it best to rest both properties for tax porpuses or does it matter if One is used as a personal apartment when it comes to taxes

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Just wanted to know if i rent bith properties would it be advantages when i comes to taxes or it doesn't matter if one is used by one of us

Submitted: 4 months ago.Category: Tax
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11/28/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

Under IRC Sec. 280A(e) all deductible expenses related to a property are allocated between fair rental and personal use days based on the ratio of fair rental days to the total number of days used, not just to those expenses that are deductible only in relation to the rental of the property. If a partner uses one as personal residence then the deductions that can be claimed are limited to just the time used for rent.

In short it would be best if both properties were used for rental and not personal use by either partner in the LLC.

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