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Updated about 6 years ago on . Most recent reply

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26
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Ken Tsai
  • San Bruno, CA
8
Votes |
26
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LLC for rental property - multiple location

Ken Tsai
  • San Bruno, CA
Posted

Hello BP family, question for you.

So I am about to make offer on my first MF units in state of Illinois ( I am in CA)

I was told that I should open LLC and have property under for tax and liability purpose.

So my question is that , if in the next year if I purchase another one , can I and should I keep under the same LLc ? And for the current one that I am working on , can I purchase it under Perosnal first and transfer to llc after ?

Thank you guys !!

Most Popular Reply

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6,603
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Bjorn Ahlblad
  • Investor
  • Shelton, WA
6,952
Votes |
6,603
Posts
Bjorn Ahlblad
  • Investor
  • Shelton, WA
Replied

@Ken Tsai In the state of Washington you will be charged a transfer tax if you buy in your name and then transfer to LLC and vice versa. I do not know about CA.

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