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    lamrumot's Avatar
    lamrumot Posts: 3, Reputation: 1
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    #1

    Aug 30, 2009, 07:23 PM
    Renting townhome back to yourself
    I've been thinking that I would re-locate to my second home in Michigan, make it my primary, create an LLC in Illinois and transferring my townhouse(in Chicago area) to the corp and then renting it back to my wife.

    I would benefit from lower property taxes in MI (homesteader crap), lower car insurance in MI, and then be able to use the townhome as a tax deduction since I'm renting it out.

    Is this a legal option? Is there a better way to do this? Should I hire an attorney to deal with all this?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Aug 31, 2009, 07:05 AM

    Hello l:

    Think of your marriage as a unit. It operates as a single entity. Therefore, you won't get a deduction from renting the condo to yourself.

    excon
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