Hello,
I am looking to buy a couple rental properties and I would like to open an LLC so that I can write off depreciation and expenses (and also have some protections).
I currently live in MA and would be buying rentals in Maine (originally from there).
- Would I open the LLC in Maine where I am conducting business or MA where I am currently a resident?
2)Do I open the LLC before or after purchasing property, if after, how would I go about putting the property under the LLC?
- I see a large amount of forms on the Maine website, what are the core ones needed to open an LLC?
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Are you aware that you don’t need the llc to be able to write off expenses?
More to be able to claim depreciation in assets such as “work truck” and equipment
A single member LLC isn’t a bad idea, and it wouldn’t require a separate tax return. However, it has nothing to do with deducting expenses vs. owning it personally.