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?
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.