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llsheetmetal
New Member

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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TaxGuyBill
Level 9

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?

You need to go to a professional that can review all of the paperwork of the transactions.  An Estate lawyer or tax professional that specializes in Estates or Real Estate would be best

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2 Replies
TaxGuyBill
Level 9

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?

You need to go to a professional that can review all of the paperwork of the transactions.  An Estate lawyer or tax professional that specializes in Estates or Real Estate would be best
tagteam
Level 15

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?

I concur. The scenario described is wrought with the prospect of unintended consequences. Get professional assistance.

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