My wife and I plan to purchase a property for short term rental use.
we plan to obtain a mortgage using our own personal name. After we close we feel like we should deed the property to an llc that holds the assets/ property. We will then have another llc that manages the property for rentals.
my wife and I will own 50/50 for. Oth as it will be multi member llcs.
we also plan to take on personal debt loans to fund most of the operations.
we want to be able to have LLC 1 deduct the personal mortgage debt and taxes as an expense. We also want to be able to have either LLC1 or LLC2 deduct the personal interest charge of the debt to fund operations.
my wife and I have filed married but separate for years and we want to continue to file this way.
how can I make this happen?
my guess is we would have to fund the lLcs with some small capital and then lend to the LLCs the mortgage and operations money so they can then be able to deduct the interest. If so then we would need to report it as personal income on our return but would we be able to offset any tax liability since we personally have to pay the mortgage company and personal loans an interest charge?
I know this might seem convoluted so whatever feedback you guys have let me know
ps we aren’t concerned about the “due on sale” clause in the vote.
