Posted by Natalie-VA on May 27, 2005 at 16:36:33:
I read somewhere that if it’s a closely held LLC, that you can still use the exemption if you meet the residency requirements. I researched this at one time in case I decided to move into one of my rentals which are owned by an LLC.
Can anyone validate this?
protection for my personal residence - Posted by Jason
Posted by Jason on May 26, 2005 at 09:45:34:
What is the best way for me to have ownership of my house? I purchased the house in Nov. '04 and want to set myself up for asset protection as best as I can.
Here are my thoughts…
Does this sound right?
thanks
Re: protection for my personal residence - Posted by eric
Posted by eric on May 26, 2005 at 10:04:28:
Get plenty of insurance. If you put your personal residence into an entity such as a LP or LLC you will loose your capital gains exemption when you sell. You may also loose any homestead exemption should you ever need it. It is a bad, bad idea to use these “investment” strategies when dealing with your personal residences.