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Business & farm
No, the LLC cannot claim depreciation if it does not own the property.
It is possible for the LLC to lease the house. A "Gross Lease" or "Full Service Lease" would make the LLC responsible for paying property tax, in which case it could be claimed as a business expense. The owner(s) of the house would then need to file Schedule E and claim the rent income and the depreciation.
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‎February 8, 2020
2:07 PM
3,911 Views