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Transfer former residence to LLC?
The primary home is paid for and vacant since December 2022. Am exploring shifting possession to an LLC to determine as a rental then use a 1031 to buy a trip home in two to 3 years.
How can we try this?
Re: Transfer former residence to LLC?
YHD wrote: ↑Mon Sep 02, 2024 9:19 pm
We moved out of our first home and shifted our homestead exemption to our present home.The primary home is paid for and vacant since December 2022. Am exploring shifting possession to an LLC to determine as a rental then use a 1031 to buy a trip home in two to 3 years.
How can we try this?
Do you imply a trip home that you’d personally use?
Re: Transfer former residence to LLC?
Contemplating switch to LLC then a 1031.
If that’s not IRS compliant, what are different choices.
Re: Transfer former residence to LLC?
Additionally, how are a vacant residence and a future trip house like type property?
I’m not certain of those solutions however simply issues that popped into my head.
Checking 10K, Sinking Funds 50K (HYSA/MMF), EF 50K (I bonds), Taxable/Retirement: 72% VTI, 18% VXUS, 10% BND | I wish to personal a gold bar someday, to have the ability to say I personal a gold bar.
