I have a three-part question

  1. For an LLC that serves as Benificiary to a Land Trust hold the deeds for rental properties, can the expenses and write offs (i.e. depreciation, mortgage interest, property taxes) be passed to the LLC for tax deduction purpose in annual tax filings?
  2. Can a land trust that formed in one state (e.g Maryland) hold the deed to a rental property located in another state (e.g. Missouri)?
  3. For the 44 states that don’t have specific legislation/case law on Land Trusts, do Land Trusts created in one of those conform to the Illinois Land Trust?
Answered question