Landlords & LLCs

Categories: Taxes

A question for those of you owning multi-family buildings: we own and live in a soon-to-be 3 family brownstone. Our accountant recommends that we create an LLC and transfer house ownership to the LLC so that house expenses are clearly delineated. We have been paying expenses/utlities/mortgage from a separate account. Is the LLC superfluous? How does corporate liability figure into all this? Thanks.

By | 07/17/2006 3:28 PM