Can I put vacation home into LLC if we don't rent it out?
Hi BP Community,
Just wanted to get some opinions on this question!
My wife and I own a vacation home in New Hampshire. We currently do not rent it out, and we are interested in moving it to an LLC. I am aware of the "due on sales" clause issue with moving a property into an LLC. Assuming that is not an issue, are there any tax reasons or potential tax impacts to us with doing this?
I think the answer is "no" as the LLC is treated as a pass-through entity, but wanted to get some other opinions on it.
Thanks!
SG