No there's no tax advantage. There's nothing special about an llc. Everything just gets passed through. Closing on it in an llc also excludes you from favorable financing options. Your mortgage person can probably explain all of this to you
No there's no tax advantage. There's nothing special about an llc. Everything just gets passed through. Closing on it in an llc also excludes you from favorable financing options. Your mortgage person can probably explain all of this to you
This. There are no financial advantages whatsoever to an LLC over individual ownership. The advantage of the LLC is the limited liability--generally, if you get sued the only assets that the plaintiff can go after are those assets held by the LLC, which, in the case of real estate, is generally limited to a single asset. [Notice that I say "generally" because there are times when a plaintiff can successfully pierce the "corporate veil."]
Also to prospie's point, traditional mortgage lenders will NOT lend to LLCs. A 3-unit apartment building would qualify for traditional GSE financing, which you would not have access to (most likely) if you put your property into an LLC. [Notice that I say "most likely" because mortgage rules are ALWAYS changing and I'm not up-to-date on the most recent fall 2015 changes.]
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How is your income? I'd just keep it in my name personally.
No there's no tax advantage. There's nothing special about an llc. Everything just gets passed through. Closing on it in an llc also excludes you from favorable financing options. Your mortgage person can probably explain all of this to you
This. There are no financial advantages whatsoever to an LLC over individual ownership. The advantage of the LLC is the limited liability--generally, if you get sued the only assets that the plaintiff can go after are those assets held by the LLC, which, in the case of real estate, is generally limited to a single asset. [Notice that I say "generally" because there are times when a plaintiff can successfully pierce the "corporate veil."]
Also to prospie's point, traditional mortgage lenders will NOT lend to LLCs. A 3-unit apartment building would qualify for traditional GSE financing, which you would not have access to (most likely) if you put your property into an LLC. [Notice that I say "most likely" because mortgage rules are ALWAYS changing and I'm not up-to-date on the most recent fall 2015 changes.]
No tax advantages. What area in MA? Central?
Sed praesentium hic quos quis sit dolores. Officia minus atque quo animi unde totam dolorum. Voluptatem neque labore corporis dolores. Ut veritatis deserunt amet non aut.
Non ut occaecati ut laborum illo. Voluptatem veritatis veniam quia recusandae ipsam. Illum maxime error non incidunt doloribus. Incidunt repudiandae nam placeat fugiat velit. Et repellat quod ab in dolore debitis. Est facere laboriosam possimus illo.
Ex odio molestiae similique optio error. In a iusto odit neque fuga quo. Deleniti tempora officia pariatur sed molestiae molestias. Dolorem repellat dignissimos iusto temporibus dolorem fugit quos. Consectetur quo a dolore maxime velit delectus qui.
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