What Happens To Taxes Of Primary Residence In And Out Of An LLC ?
Guru's-
I have lived in my only house for 28 months, and would like to rent it out for another 2 + years under the form of a single person LLC (to minimize liablility) then sell it. My question is what are the tax consequences? I know if it is my primary residence, I can gain $250k tax free, but is that true if I form an LLC and sell it or does it then turn to a 1031 situation? If the 1031 applies, can I dissolve the LLC and have it become personal property again less depreciation and avoid taxation on the sale that way? Thanks in advance!
dont know but would like to know