Move into multi-unit owned by own LLC

[Guest]

I have 51% ownership of an LLC that owns a duplex. Is it legal for me to move into one of the units on the property as my residence and pay rent to the LLC? Or would I have to buy the remaining portion of the LLC and dissolve it. I essentially would be the caretaker of the building.

My goal isnt to create any tax fraud. Right now I dont have the cash to buy out the remaining 49%. Just wondering if there are any tax laws regarding this.


Thanks.

 

[army judge]

I have 51% ownership of an LLC that owns a duplex. Is it legal for me to move into one of the units on the property as my residence and pay rent to the LLC? Or would I have to buy the remaining portion of the LLC and dissolve it. I essentially would be the caretaker of the building.

My goal isnt to create any tax fraud. Right now I dont have the cash to buy out the remaining 49%. Just wondering if there are any tax laws regarding this.


Thanks.

You are taking a very great risk by seeking tax advice of anonymous strangers on the internet.
If you were told YES, no problem, do it, would you then "do it"?
Be smart, speak with your tax attorney or CPA before you do anything approaching this magnitude.
You also might want to have your corporate attorney review the LLC articles of incorporation or creation.