Just wondering in what business activity your LLC would be engaged? If you put your personal residence into your LLC, then you expose it to liability from a lawsuit arising out of your business activity. Just the opposite of what you would want to happen.
For personal estate planning, consider putting your personal residence into a living trust.
18th May, 2003
If you put your personal residence in an LLC and later sell your personal residence, you will NOT be able to use the up to $250,000 (or $500,000 if married) gain exclusion from taxes under Section 121 of the Internal Revenue Code (i.e., the "2 out of 5 year ownership/use rule".
Just wondering in what business activity your LLC would be engaged? If you put your personal residence into your LLC, then you expose it to liability from a lawsuit arising out of your business activity. Just the opposite of what you would want to happen.
For personal estate planning, consider putting your personal residence into a living trust.
If you put your personal residence in an LLC and later sell your personal residence, you will NOT be able to use the up to $250,000 (or $500,000 if married) gain exclusion from taxes under Section 121 of the Internal Revenue Code (i.e., the "2 out of 5 year ownership/use rule"
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Taxjunkie
Thanks, both of you have been very helpfull.