Creating an LLC (I think I did it wrong) Please Help!

[Maurice Stewart]

Hello, 

My wife and I are in the process of turning our primary home into a rental. I created an LLC, and the rental address is not the name of the LLC. My thought was to give the LLC a generic name, and the rental could be under the generic LLC name (I hope that makes sense). I only own one rental. Is there a way to include the rental home in the LLC without changing the name? When it's time to do taxes, I want to get all the rental tax benefits. Plus, protect our name. All inquiries are appreciated. Thanks!

[Joe Homs]

@Maurice Stewart this is 2024 and there are not many secrets anymore. I understand what you are trying to accomplish, but you are going about it the wrong way. It's very easy for those "prying eyes" to see your transfer from the original title to the LLC (in California?) which is NOT a very private state. If you have already completed the process, it's not the end of the world and you can live with it like that. California does charge an $800 fee for the LLC and if it's NOT disregarded to you then you must file a tax return (more money.)

If you are concerned about privacy then you should have created a land trust and make your out of State LLC the beneficiary of that trust. The owner of the out of State should be your personal living trust. This would avoid that $800 fee.

As always best to contact a trust attorney and tax advisor for your specific situation.

Good Investing...