Are there tax advantages in purchasing a house with a group of people under a LLC?

Question by Ian: Are there tax advantages in purchasing a house with a group of people under a LLC?
If my sister and her husband were to purchase a house with my fiance and myself under a LLC, and we were all to live there, are there tax advantages to be gained from that? Also, any advise (other than, “get a lawyer”) you would like to add to the idea would be appreciated.

Best answer:

Answer by wartz
No advantages, probably disadvantages it is just like a partnership, but you have to pay franchise fees for the LLC and higher insurance rates.

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