qbteachmt
Level 15
02-23-2022
04:27 PM
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"My concern is if the property is not in the " LLC" name then they can't take the depreciation"
This is going to be part of their personal 1040. IF it is used for business and meets the rules, it qualifies.
"Am I making this harder than it is?"
Oh, no. It is hard, in that there are a lot of parts. It will be fine. If they have liability insurance for the LLC, then treat the operation on Sched C as under the LLC, because that is the resource that provides risk to them. That LLC never would have protected their assets from anything, on either side of the ownership position. That's one of the issues for LLC as disregarded.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers