Am in the process of purchasing a home. Debating beween buying under my name or an LLC. Which professional should I consult? Already have an LLC setup.
Any professional recommendations in the Mason / Cincinnati area.
Congrats on the home purchase!
Are you using a conventional(Fannie Mae/Freddie Mac) mortgage to acquire the home? If this is the case - They will likely want you to close on the home in your personal name.
If you are buying using a portfolio loan or all cash - you may have the option of purchasing it through an LLC. If you purchase it through an LLC - there may be some asset protection(consult an attorney).
Creating an LLC does not afford you any additional tax savings than if you owned it outright. Therefore; if i were to pick out of the 2; i would go with real estate attorney.
Let me know if you have any other questions.
Thank you, @Basit. This is going to a cash buy. I wanted to find out the tax implications of buying a property using personal money and making the deed to the LLC.
Side note: I grew up in the Bronx many years ago.
I'm not an attorney or acct.!
LLCs are passthrough entities, meaning that they are effectively the same as buying in your own name from a tax perspective assuming it's a single member LLC. LLCs are much more about asset protection than tax planning.
Thank you for the reply, @Sean.
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