Posted by jim on February 20, 2002 at 17:29:10:
In a few days? Wow, you sure run things close! If you use a corporation or LLC for your personal residence, you lose the capital gains tax advantage you get for your personal residence. That is, you will have to pay capital gains tax on the gain (if any) when you sell it. I got this info from the IRS. Your best bet is to use a trust, then you can keep the capital gains tax exemption for your personal residence.
Land trust or LLC for personal residence? - Posted by KhadijaOH
Posted by KhadijaOH on February 20, 2002 at 16:33:53:
I will be closing on a 2BR condo in a few days as my personal residence and need to know the best way to keep my name off the title. I have a prior foreclosure and a judgment on my credit that I don’t want to be attached to any newly acquired property. I have set up a self-directed IRA to be used with my REI deals and understand I can’t use that for my personal residence as that is called self-dealing. My question is, what is the best entity to transfer title…land trust, LLC, Living trust, etc. Thankx in advance. Also if anyone can recommend some good REI attorneys in Ohio?