Tax Attorney or Real Estate Attorney?

Question

Hello all,

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.

Thank you,

Mak

Basit Siddiqi · Answer

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.

Mak R. · Answer

Thank you for the reply, @Sean.

Sean Cole · Answer

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.

Mak R. · Answer

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.

Tax Attorney or Real Estate Attorney?

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