@CTM99 wrote:
A friend recently mentioned advantages to putting each in its own LLC. It seems the main advantage is in limiting liability of each property. However, they mentioned they heard of TAX advantages but had no details. ???? Are there tax-related benefits? (We live in NY state.)
What you gain is some insulation from liability but, frankly, you would be far better off with ample liability (and casualty, of course) insurance including, possibly, a personal umbrella policy, or rider. As far as actual federal tax benefits, there are virtually none.
Hopefully, someone else will respond to any NY state benefits that might result.
