Llc Residential Property Use

Summary

Living in an LLC-owned property in California can complicate tax deductions and liability protection. Personal use may limit the ability to claim business deductions, and mixing personal and business use can risk the LLCs liability protection. Personal residence expenses typically arent deductible unless used for business purposes. Consider consulting a local attorney for personalized advice on LLC formation and tax guidance.

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personal use
If you're considering forming an LLC in California for renting out a residential property and also living in it, personal use can complicate tax deductions and liability protection. Here are some things to consider:
- Personal Use: Living in the property may limit business deductions.
- Separation of Entities: Mixing personal and business use affects liability protection.
- Tax Deductions: Personal residence expenses aren't deductible unless for business.
Would you like more information on LLC formation or tax guidance in California?