HI all. I’m seriously considering buying a condo for investment purposes. My plan is to rent it out for about 5 yrs. then sell; hopefully, it will be worth more as a result of real estate value increasing. During the rental period, can I write off mortgage interest, depreciation, and property management fees regardless if it’s in my name or in a LLC? Any suggestions/tips would be appreciated. Thanks.
Yes.
An LLC is a “pass-through” entity…there is a whole list of deductions that you can take off investment property on your Scedule E.
Keith