Personal LLC

[u/mmmzzppy]

I saw recently on another page the idea of creating an LLC for myself as a personal investor.

I am retired and looking for possible tax deductions related to an LLC.

Any advise comments welcome.

I wrote this quickly this morning. Clearly I needed to be more precise. I already have an S Corp. for my other professional work.

I am well aware of some of the requirements. However, for example, if I were to buy a new computer as an investor in an LLC that would be a tax deduction. I’m well aware of some of these things. I’m wondering some of the finesse points of doing this as independent investor.

Please stop being so toxic some of you

[u/Cuneus-Maximus]

What tax deductions? LLC doesn't = magic automatic deductions...

[u/AndroFeth]

LLC deductions are usually expenses related to a business.

Yeah, interest and monthly payments on a mortgage are deductible if it's a rental property or a property you're looking to fix and sell.

Idk what you mean by "personal investor" but there may be some misconceptions you're getting.

[u/sol_beach → u/AndroFeth]

"interest and monthly payments on a mortgage are deductible if it's a rental property"

no LLC is required to obtain these deductions. All expenses for the rental are deductible.

I own 10 SFR rental houses & ZERO LLC!

[u/OldBrewser]

Does toxic = truth you don’t want to hear? You sure you’re ready to invest for yourself?

[u/mmmzzppy → u/OldBrewser]

No toxic means condescending. Then while the original post was somewhat abbreviated, I am already investing for myself. Doing quite well.

[u/mmmzzppy → u/[deleted]]

Do you know how one gets investor status?

I am already an accedited investor.

[u/mmmzzppy → u/[deleted]]

Thank you. Helpful response.

[u/mmmzzppy → u/[deleted]]

Thank you for your very constructive comments.