Posted by JHyre in Ohio on March 12, 2002 at 10:54:00:
Sure, you can rent it to yourself, even give yourself up to a 20% discount tax-free. The trade-off: You lose your ability to sell it tax-free (as a personal residence), though you can do a like-kind exchange with it. Which is better? Depends on the numbers, as always.
John Hyre
Can I lease a property my LLC owns? - Posted by ScottB-NC
Posted by ScottB-NC on March 12, 2002 at 08:36:11:
I am buying houses sub 2 and just bought one that I want to move into. I did the paperwork like I always do, my LLC bought the house but I want to move into it as my primary residence. Can I legally pay a lease payment to my LLC and live there but depreciate it as a rental? Does that make ANY sense to do? Or is this not the best way to take advantage of the situation? Should I assign beneficial interest in the Land Trust to me personally and pay the mortgage from my personal account? Thanks for the help, Scott