Mark J. Kohler
Region: US
Saturday 23 December 2023 18:30:16 GMT
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FLO :
Trust > LLC
2023-12-24 15:20:18
6
Prontoitsme :
My bank did actually care
2023-12-27 14:28:35
38
WranglerWrob :
Rent it as long as you want. Move back into it for two years before you sell it. All proceeds be free. Seen people do this with beach houses.
2023-12-28 21:35:36
143
Teamvinsonproperties :
But now wouldn’t be homeowners insurance policy be voided because now you need a landlord policy and the banks won’t like a landlord policy on a home you own
2023-12-24 15:28:25
4
Vandad :
Can you do that while you live in it and rent from the llc?
2024-01-20 00:26:56
2
Selin :
Wait, you don’t have to refinance to put it in an LLC?
2024-01-05 14:13:38
3
Farmer Dave :
You can sell it tax free anyway, as long as it’s your primary residence for 2 years
2024-01-03 03:17:13
9
Dr.BusinessCoach&Speaker :
You are wrong! Yes your mortgage will care because now it’s a commercial mortgage and it carries a different mortgage rate.
2023-12-24 09:20:17
17
Vanessa Arrieta :
How can I get more info
2024-01-24 18:51:36
2
user7934820442391 :
How do you document that you’ve contributed?
2023-12-27 11:47:41
2
Denny Ray :
But do I lose my homestead exemption in Florida? 25k deduction.
2023-12-28 18:13:29
6
newmarylandcrabcake :
You don’t have to put it in an LLC. You can deduct and depreciate in your personal taxes. LLC is not needed for one or two rentals.
2023-12-27 07:59:34
3
Brandon Oldham403 :
I used to agree with not worrying about the Due on Sale clause. However, if you have a super low interest rate they may very well enforce that clause. And they can if they want to.
2024-03-06 02:43:55
1
Nana25 :
sale home exemption only applies if it's personal residence. I agree with putting house in LLC but some of this isn't right
2023-12-28 20:25:52
6
Chancey🍏 :
Can you then lease it back to yourself ?
2023-12-24 15:22:09
2
@AuntieJoJo :
more information
2023-12-29 21:06:53
2
Bigboi.hbar :
Can I rent it to myself for the business deductions while I remodel it
2023-12-30 07:09:15
2
mallorykayschulte :
Move to LLC can be a breach of your mortgage. Banks often care!
2024-01-18 21:39:53
2
Voltronguy :
What about adding a house to a family trust?
2024-01-02 23:36:26
2
DottieDoesEquine :
How
2023-12-27 05:19:12
2
gear_jammer_1 :
Tell me you don’t know what you’re talking about without telling me you don’t know what you’re talking about.
2023-12-28 03:27:52
2
toomuchtok18 :
You don’t need to put it into an LLC to depreciate it. The taxation is a wash, you weigh the liability protection v the hassle and cost of conversion
2023-12-28 02:07:10
2
mr.chris.p.bacon1 :
Depending on jurisdiction, you’ll likely pay a huge transfer tax that could be many thousands of dollars.
2023-12-27 11:50:17
3
andrearichards666 :
We were going to do that but the insurance company would literally increase our rate from $2,000 a year under a grandfathered policy to 9 to 10 per year
2024-01-23 00:51:53
1
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