Legal entities for home ownership
Potential first time buyer here. I'm curious, are there any legal constructs that allow one to own and live in real property that offer tax or liability advantages? For example is there a way to create "100 Cherry Lane, LLC" or something like it (Co-op, corp, etc) that would allow me to live in the house (as the owner of the legal entity) and get favorable tax/liability treatment?
Potential advantages I'm thinking:
- Depreciation deduction
- Sell the house indirectly by selling the legal entity, hopefully no excise tax
- Capital gains ramifications
Does anyone do this? If not why not?