Profile picture for maddainc

LLC For Income Property?

Question..I took over and am in charge of my fathers house while he went away for 3 years and he left me in charge. I fixed it up and am renting it out so i can cover the mortgage and hopefully make a profit, while i haven't made a profit yet (its soon coming) can i make an LLC to claim any income and losses.

FACT: Im not on the deed mortgage etc.
FACT: when the renters pay me they pay by check in my name
FACT: I spent 15-20k to fix it up and get the place livable 
FACT: I am paying the mortgage payment and any utilities, the utilities are in my name but the mortgage I'm just paying his bill.

I DONT WANT TO PUT THE HOUSE IN AN LLC I JUST WANT TO KNOW IF ITS POSSIBLE/LEGAL TO MAKE AN LLC TO REPORT MY INCOME / EXPENSES SO I DONT GET HIT WITH TAXES FOR COLLECTING RENT WHILE ITS JUST GOING BACK IN TO THE HOUSE TO COVER MORTGAGE AND UTILITIES. 

So i want to make a profit and loss sheet at the end of the year and file it on my personal tax return, can i claim the repairs/ materials / labor for the renovation?

Thanks!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 18 2013 - Baychester
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 
Related Questions
LLC For Income Property?
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1309 Needham Ave # 254, Bronx, NY Home For Sale
    1309 Needham Ave # 254, Bronx, NY 10469

     For Sale: $579,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --
  2. 3421 Edson Ave # 2, Bronx, NY Home For Sale
    3421 Edson Ave # 2, Bronx, NY 10469

     For Sale: $289,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --
  3. 1610 Givan Ave # 9, Bronx, NY Home For Sale
    1610 Givan Ave # 9, Bronx, NY 10469

     For Sale: $599,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: --