Pros & Cons of Moving Primary Residence to a LLC
Hi All,
I purchased my first property at the end of 2017 in NYC, the property is a two family house, which includes a duplex and one-bedroom apartment. When I purchased the house, I took out a traditional conventional loan as a first time home-buyer (20% down).
I have rented out the whole house and curious about the options of moving the house over to an LLC. I want to understand the tax implication and benefits of moving the house over to a LLC vs. me having the house under my name + any cons for both sides. I'm also looking to refinance the loan with the lower-rates by moving the house over to a LLC, will this impact my mortgage?
Any advice/thoughts would be greatly appreciated!
Best,
MJ