Updated over 8 years ago on . Most recent reply
Can I buy my personal home through LLC? (Live in flip)
I'm not sure if this differs by location, but if I buy a home and live in it for at least 2 years, I can sell the property without paying capital gains tax on the profit.
I was wanting to do a live-in flip. Buy a home and fix it up while living in it, then sell it after the 2 year mark.
Can I purchase the home through my LLC, write off (taxes) the material costs of upgrading and possibly adding a deck etc, and then end up ultimately selling it? Or is this not something you can do on a personal home?
Most Popular Reply
Timothy Metra
When you go to sell it you will pay taxes on the profits if it is an llc whereas if you buy it as a single family you do not pay profits on first $250k (note I am not an attorney or accountant)
I know of someone that does this but buys it as his personal not LLC
- Chris Seveney
