I have been buying and selling homes for about 6 years and I want to put all
my homes into an LLC. Do I need to title all the homes with the LLC's name or
can I just some how move them under the LLC? Thanks for your feedback.I have
done the LLC research and now ready to move forward; however, I am ready to
purchase 3 more homes and would like to title the appropriately.--Dale
If you want to say that your LLC is the entity buying and selling the homes,
then the LLC needs to be the legal owner. But note that this probably won't
matter for tax accounting purposes because probably your LLC disappears (or
is disregarded) if it's only got a single owner.
BTW, if you're flipping homes, you may want to consider electing to have the
LLC treated as something other than a sole proprietorship (which is how the
LLC will probably be treated for tax purposes). Sometimes, treating an LLC
that flips houses as an S corporation for tax purposes saves lots of
self-employment or payroll taxes.
Stephen L. Nelson, CPA, Author QuickBooks for Dummies
SeattleCPA | Window Shopper | 9/4/2012 - 9:56 am
then the LLC needs to be the legal owner. But note that this probably won't
matter for tax accounting purposes because probably your LLC disappears (or
is disregarded) if it's only got a single owner.
BTW, if you're flipping homes, you may want to consider electing to have the
LLC treated as something other than a sole proprietorship (which is how the
LLC will probably be treated for tax purposes). Sometimes, treating an LLC
that flips houses as an S corporation for tax purposes saves lots of
self-employment or payroll taxes.
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