What Are The Write-offs For An LLC??
Hello I am new to this website and am very inpressed with it so far. A friend and myself are looking at a house to buy and rent out. We are thinking of forming an LLC for liability and write-off reasons but don't know what we can and can't write-off. We have an appointment with an attorney next week and probable an accountant after that. Was wondering if anyone could shed a little light on this for me. Thanks very much in advance!! 
To my knowledge, there are really no write-offs available to an LLC that wouldn't be available if you held it in your personal name.
I believe forming an LLC is done strictly for legal protection
In my opinion, as far as what you can write-off, stick with being honest. It is far to easy to make money in this business without being unethical. Now, that doesn't mean being a sucker. Be aggressive! It is your right as a tax payer to take any deduction you can get.
Hope this helps, good luck!
What expenses can be written off for tax purposes?
How about tax-exempt savings?
Is there a better partnership or corp. to form that is still good for liabilities but better for write-offs?
Expenses:
1. Interest
2. Taxes (property, liability, real estate, etc)
3. Repairs
4. Depreciation
5. Maintenance
6. Snow removal / mowing
7. Lots of others
Basically, if it is a cost of doing business/renting out the place, it is an expense. As always, talk to your tax professional for clarification.
As far as any entities that have tax advantages, I'm stuck. In my opinion, real estate in itself is a tax advantage. What else can you depreciate, when in in all honesty, the property is actually appreciating in value!
Thanks rentalman for advice really appreciate it. If anyone else or if yourself rentalman think of anything that might help please don't be shy I'll take all the help and advice!
Hi Jayson,
I'm a newbie to this site as well. In terms of LLC write-offs, I believe you can also write off car expenses more aggressively (i.e. depreciate purchases / expense lease payments). You may want to check w/ an accountant for details.
I believe that the depreciation rates/lease expenses are the same for all entities, be it an LLC, a corporation, or just plain ol' schedule C income.
The business deductions for an LLC would be the same for a Corp or a Sole Proprietor. The difference comes when you start to deduct things like health insurance and pension plan contributions. The LLC is probably your best choice. You should educate yourself (buy a book or talk to a qualified tax preparer) to all available business deductions. These deductions are the same for all businesses. There are some aggressive deductions you can use to reduce your profit such as paying your child for assisting you in the business, taking a home office deduction, deducting family medical expenses, etc. Good luck.