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Reply #22: Form an LLC, sell your house to it. [View All]

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Fescue4u Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-12-05 11:23 AM
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22. Form an LLC, sell your house to it.
Then the LLC pays the mortgage and you pay rent to the LLC.

The losses from depreciation and mortgage interest that are incurred by LLC then flow to your return.

Downside? You pay capital gains on the house when you sell it.

(although this solution will work nicely if you plan to live out your remaining days in the home, you then will the LLC to your heirs who escape may escape inheritance taxes depending on the laws and limits at that time)
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