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
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.