turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

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

View solution in original post

2 Replies

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

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.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies