I just formed a Series LLC. Is it alright for a property owner to reside in one of the series and take care of all expenses including the mortgage? In other words, property owner is not making money from the rental but residing in it. Will this have any tax implications?
Yes, as the owner of a Series LLC, you can reside in one of the properties held by a particular series within the LLC. However, there are tax implications to consider: 1. **Personal Use**: If you live in the property, it is considered personal use. You cannot deduct expenses like mortgage interest, property taxes, maintenance, and depreciation on your tax return in the same way you would for a rental property. However, you may still be able to deduct mortgage interest and property taxes as itemized deductions on Schedule A if you itemize your deductions instead of taking the standard deduction. 2. **Mortgage Interest Deduction**: If the mortgage is in the name of the LLC and the LLC is treated as a disregarded entity for tax purposes, the IRS may allow you to treat the interest as deductible on your personal tax return, subject to the limitations and rules applicable to mortgage interest deduction. 3. **Property Taxes**: Property taxes may also be deductible on your personal tax return as an itemized deduction. 4. **Loss of Rental Income Deductions**: Since you are not renting the property out, you cannot take deductions typically associated with rental properties, such as depreciation or rental expenses. 5. **Mixing Personal and Business Expenses**: It's important to keep personal and business expenses separate. If the LLC incurs expenses related to your personal living situation, those expenses are not deductible as business expenses. 6. **Impact on Asset Protection**: One of the benefits of a Series LLC
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