New California Landlord, Taxes, And Form An LLC Or Not?

Hello, My wife and I plan on renting out our house since we'll be moving to another state. Our questions are: What sort of tax write offs are allowed when I return to inspect the property 1-2 x's year? Repairs and whatnot? or, Is it a good idea to form an LLC as landlords? Where is a good place to check on the pros and cons of each? Thanx in advance for any help and ideas.

Dyeman

Comments(1)

  • cjmazur21st June, 2004

    I would look into some liability shielding struction (corp, llc, etc.) or a good insurance policy.

    I think you're allowed by IRS stds, 1 trip per yr.

    You'll need to learn the difference btwn repairs (str8 deduction) and capital improvements (depreciated).

    Interest expense as well if still mortgaged.

    As for pros/cons there have been several posts here, lots of web sites, but best would be your CPA or atty who's most familiar w/ your personal situation.

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