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03-30-2008, 10:25 PM
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| We own our parents house and rent to them should I form an LLC, Corporation or ???
Me and my sister inherited the house our parents live in from our grandfather. We charge just enough rent to pay the property taxes and insurance with a little left over for emergency improvements. We would like to take the liability and tax burden (allbeit small) off of us personally. I have considered a LLC or Corporation. Any so called profits do not filter back to us, they stay in the joint account we set up to be used for the property. If I do an LLC with it's own EIN will we need to claim any "profits" on our own personal income taxes?
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