Llc

[gman]

Father dies and leaves home and land to chilren. Children form an LLC with House and land in it. Livestock on land, so there is Income and Expense for a schedule F.
What expenses relating to the home could be deducted? House is vacant, but children stay there a couple times a year
when checking on livestock.
Water and Electric on one meter for barn and house.

thanks

[ATSMAN]

I would figure out the percentage for business use and then multiply the percentage to the amount of total expenses to determine the portion you can deduct.

This assumes that the owners of the LLc do not live nearby and would have to rent a hotel room to check on their farm if they did not have that house on the property?

[Gary2]

Is there any personal use of the property? Who manages the livestock when the children aren't there?

[ATSMAN]

Good question. I am assuming there are hired hands taking care of the livestock?

[gman]

hired hand

Yes, they pay someone to feed and check on livestock. Closest child lives 200 miles away. Just wondering what is deductible regarding the house.
Property tax, insurance, repairs???

Thank you

[ATSMAN]

Same expenses that you would deduct in a rental situation. Except in this case apply the business use percentage.