Holding property inside an LLC from another state? + 1 question
Hey guys,
I was researching about how to hold my upcoming real estate purchase, and understood that a Wyoming LLC or LP will provide the best protection because of the charging order laws over there
My question is, can I buy say a property in Arizona, and hold it in a Wyoming entity? And what would be the benefit (if at all) holding the property in an Arizona entity that is then owned by a Wyoming entity (LLCs or LPs, doesn’t matter for this discussion)?
Also, I'm debating if I should use an LLC or an LP. I live in CA so I understood that LPs aren't subject to the $800 FTB yearly minimum. However, because they are considered completely passive (the limited partner of course) I would not be able to claim any depreciation (and I want to, I work in construction so my CPA said we can make a claim that I am a real estate professional and ideally offset off a lot of earned income). – any thoughts on this?
Thanks guys.