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If my father put his home in an LLC with my brother and myself as the owners of the LLC He continues to live there and pay the bills. He can't deduct the taxes, can we?
My father still lives in the house. He pays all the bills. We were told to file a partnership return because there are two people in the LLC. Its not a rental property but should the LLC write off the property taxes as an expense? I've been reading things about capitalizing the carrying costs, not expensing . . . now I'm confused. Please help.
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‎June 1, 2019
12:05 AM