If I transfer ownership of my home to an LLC to use it for my business operations, can I still claim tax deductions associated with owning the property?
Answer by: abdullah-al-naim
4 weeks ago
You cannot \”register your home as an LLC.\” Instead, you can create an LLC and transfer the ownership of the home to it. Once the home is owned by the LLC, tax deductions depend on how the LLC is taxed:
Taxed as a Corporation: The LLC owns the home, so you cannot claim personal tax deductions related to its ownership.
Disregarded Entity: If you are the sole owner, the IRS may treat the LLC as a sole proprietorship. In this case, for tax purposes, you may still claim deductions as if you own the home, provided they align with business use.
Proper tax guidance is essential to ensure compliance and maximize deductions.
https://businessglobalizer.com/blog/the-ultimate-guide-to-the-uk-tax-haven/
https://businessglobalizer.com/blog/wyoming-llc-taxes-for-non-us-residents/
