No. of Recommendations: 0
When I started renting out my previous residence, I (well, my attorney) put it in a LLC. Now, after 8 years, I'm moving back into it as my main residence. Is there any reason I should move it back into my name? I have < 2 years to pay off the mortgage.

For taxes, the LLC just passes through to my tax return.

I realize that whenever I do sell the house, I have to account for the depreciation but not the capital gains if I reside there for a couple of years.

Thanks
Rich
Print the post Back To Top
No. of Recommendations: 2
I realize that whenever I do sell the house, I have to account for the depreciation but not the capital gains if I reside there for a couple of years.

Rich, that tax law has changed. You will have to prorate the capital gains based on how long you held it as a rental and how long you lived in it. Talk to the Tax Strategies Board for details.

IP
Print the post Back To Top