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Any one lease their retirement home from their own LLC?

857 Views | 2 Replies | Last: 10 yr ago by Aggie_3
F4 Aggie
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I have the home I want to retire in paid in full and have started an LLC to acquire rental properties.

If I deeded the title to the LLC could I lease it from the LLC and take advantage of the depreciation of an asset I have paid in full?
Aggie_3
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you can but you better have a really good accountant
AccountantAg
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But then you'd have to pay your LLC rent and subsequent taxes on the income you make on (rent-depreciation-taxes-other expenses) I don't think you'd be able to do the homeowners exemption and I don't know much about this but if it's your retirement home can't you have your property tax amount "frozen" so the CAD can't raise them on you anymore?

To keep it an arms length transaction you'd have to "rent" your home to yourself for market rates so you couldn't just use $1 or something. Suppose you could run the numbers and it could make sense though who knows. Seems like a big pain in the ass for marginal savings IMO
Aggie_3
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quote:
But then you'd have to pay your LLC rent and subsequent taxes on the income you make on (rent-depreciation-taxes-other expenses) I don't think you'd be able to do the homeowners exemption and I don't know much about this but if it's your retirement home can't you have your property tax amount "frozen" so the CAD can't raise them on you anymore?

To keep it an arms length transaction you'd have to "rent" your home to yourself for market rates so you couldn't just use $1 or something. Suppose you could run the numbers and it could make sense though who knows. Seems like a big pain in the ass for marginal savings IMO

What he said you wouldnt be saving yourself anything
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