Montana LLC Re-Visited

st687 wrote:
Effy,do you have an LLC to protect you rental property, and your Motorhome rentals.

Yes. They are legitimate business assets run under a legitimate company and I have all the leases to prove it. My personal MH, no. That's for personal use. I could put my personal MH under my LLC, but that would be lying since I don't use it for business. Could I do it legally? Yes. Is it right? No. Hopefully that gives you a sense of where I stand from a moral perspective. I could save a TON of money in deductions putting my personal MH in the LLC. Heck based on depreciation alone I could almost own it for free. But frankly my conscience wouldn't let me sleep because I'd be lying. Seems to not bother a lot of folks. More often than not, money is more important than doing the right thing. Mind you, I said right, not legal. They are 2 very different things and objective to whomever you ask. I completely understand I am a minority.

Again, I NEVER said it wasn't legal. I just don't think it's right. And I get the feeling neither does the gubmint. But this is my opinion - of which I am entitled.

This - as most things unfortunately - all comes down to money. And people will lie, cheat, take advantage etc etc to save or make a buck. I am not one of those people. Does it cost me money? Yep. But I base every decision, every day on how it will impact my sleep not on dollars. Let your conscience be your guide. I am still fiscally responsible, I still make a good living and happy about it to boot.

So, is it legal? Yes. Right? No. To me anyway. Based on this forum and general consensus I am a fool. But I sleep good.

Not sure why I bother beating this dead horse. The people that want to pursue this sort of practice don't really care about this perspective and don't get it. I am sure they sleep fine. To each his own. You guys know where I stand. I have said all I care to on it. Moving on.