Posted by Rich-CA on December 10, 2008 at 11:07:24:
Using an LLC makes it business. Maybe a Trust will work for this. See an attorney for more info as I cannot address that.
LLC tax free gains? - Posted by Chris
Posted by Chris on December 09, 2008 at 15:31:50:
My business partner and I are currently buying a home. He is getting the loan for the property and we are then splitting all the expenses right down the middle. My question is, what is the best way to structure that deal so we’re both protected? We’ve thought about putting it in an LLC, so if we deeded the property to an LLC we jointly owned, would we still be able to keep the tax free gains after two years ?(He is planning on living in the property)
Re: LLC tax free gains? - Posted by JOHN HASLACH, CPA, MST
Posted by JOHN HASLACH, CPA, MST on December 30, 2008 at 13:52:40:
There is a $500,000 exemption for married filing jointly on the sale of ther personal residence, restrictions apply. You may be able to defer the gain under IRC 1031. Talk with a qualified professional, not just any CPA or Attorney.