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Updated over 6 years ago on . Most recent reply

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Kumar Gaurav
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258
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Buying home under LLC

Kumar Gaurav
Posted

Hello Members,

I currently own my first two family home and wish to sell and buy another multi unit home possibly a six plex or more.Would it make sense to purchase my new multi plex investment under an LLC ?Will there be any tax advantages buying under an LLC vs owning under my name? Appreciate feedback and any pointers or resources towards purchasing a property under an LLC

Thanks

Most Popular Reply

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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
2,466
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4,876
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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
Replied

@Kumar Gaurav, depending on your lender, you may have to buy a commercial property in a LLC (this isn't necessarily a hard-and-fast rule).

Generally, it is best practice to use a LLC.

There are no tax advantages. The profit/losses flow through the LLC to your personal return.

LLC University has a lot of good info and step-by-step guides to setting up a LLC in all 50 states, plus D.C.

Definitely talk to your attorney and CPA ahead of time.

  • Jaysen Medhurst
  • Loading replies...