Rental Property

I moved in with my girlfriend and I have my old condo currently rented. Would it be a better option to transfer this property to an LLC or to a living trust? Also, does the IRS require me to depreciate my property? Or is it up to me if I want to depreciate my property?

posted

If you rent the property you have to take depreciation. It is not optional. Moving the property to a living trust or LLC makes no difference to your tax liability.