25 and buying townhouse with parents

General Real Estate Investing
1

Hello all! I’m new to this forum and found it while doing searches for real estate investing information.

I’m about to purchase a multiple unit townhouse with my parents and have a question about LLCs and tax deductions:

If i live in one of the units, and use the property as my primary residence, will i still be able to take full advantage of mortgage interest and real estate tax deductions if the ownership is through an LLC?

any reading suggestions are gladly welcome.

Thanks,
Boyle

2

…

3

swirlaze,

sorry if i’m not making any sense. I very new to all of this.

Can’t you use the mortgage interest as a tax deduction if the home is your primary residence? How do these rules change if i’m living in the townhouse, but its owned through the LLC. Is there any effect?

Thanks.

4

…