Personal residence in a Land Trust? - Posted by Bob-MD

Real Estate Investing
1

Posted by Rob FL on June 15, 1999 at 20:20:36:

Thanks for your helpful information and insight.

2

Personal residence in a Land Trust? - Posted by Bob-MD

Posted by Bob-MD on June 14, 1999 at 21:15:51:

Is it a good idea to put your personal residence in a Land Trust to help protect against potential legal action? If I did do that, would I loose the tax deduction?

Bob

3

Re: Personal residence in a Land Trust? - Posted by Bronchick

Posted by Bronchick on June 15, 1999 at 09:55:03:

You will not lose you tax deduction. See IRC Secs 671-678.

4

Re: Personal residence in a Land Trust? - Posted by Rob FL

Posted by Rob FL on June 14, 1999 at 21:46:55:

Many states already have a partial or full exemption of your homestead from creditors. In Florida (one of the last great deadbeat states), your homestead is completely exempt from creditors. They can’t get it with a judgment and they can’t get it even in bankruptcy.

I do keep my own home in trust but mainly for estate planning purposes (that is what I tell everyone, it also is great for privacy as well).

Check with an attorney or CPA, or do some research at www.findlaw.com or www.alllaw.com.

Best wishes.

5

Re: Personal residence in a Land Trust? - Posted by Ralph C in VA

Posted by Ralph C in VA on June 14, 1999 at 21:26:00:

Bob. that question should be answered by an attorney licensed in MD, as well as a CPA.

6

Re: Personal residence in a Land Trust? - Posted by Rob FL

Posted by Rob FL on June 15, 1999 at 15:07:22:

Does this also apply to the 500,000 capital gain deduction that married couples can get?

7

Re: Personal residence in a Land Trust? - Posted by chris (FL)

Posted by chris (FL) on June 15, 1999 at 24:46:34:

Only if the attorney and/or the CPA know how to use a web of land trusts , family LLPs , corporations , LLPs, LLCs, ect. as asset protection ( & estate planning ) tools. Sadly, most do not.

8

Re: Personal residence in a Land Trust? - Posted by Bronchick

Posted by Bronchick on June 15, 1999 at 19:16:54:

Yes, it does. The transfer is “tax neutral” in that you still report as though you own it yourself.