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October 30, 2024
Question

Rental Property

  • October 30, 2024
  • 1 reply
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I moved in with my girlfriend and I have my old condo currently rented. Would it be a better option to transfer this property to an LLC or to a living trust? Also, does the IRS require me to depreciate my property? Or is it up to me if I want to depreciate my property?

    1 reply

    Employee
    October 30, 2024

    If you rent the property you have to take depreciation. It is not optional. Moving the property to a living trust or LLC makes no difference to your tax liability.