Hawaii Quit Claim to LLC - Posted by James

Posted by eric on November 19, 2004 at 09:57:51:

Is this actually your primary residence? I would never advise someone to put their primary residence into an LLC. You will likely loose your section 121 exemption. Also, in most states, an LLC can only be used for “business purposes.” In order to satisfy this, you would need to rent the house back to yourself. It just makes things very messy.

If this is truly your primary residence, it is just not wise to put it in any entity. Trust yes, entity no.

Hawaii Quit Claim to LLC - Posted by James

Posted by James on November 19, 2004 at 24:20:10:

We want to quit claim a residence to an LLC. Our accountant advised us to do
so. How do we do this and is there any taxes or transfer fees. We purchased
the property as a primary residence just 3 months ago in Maui. Thanks,
James.