Minor US citizen an LLC member?
Hi,
Sorry I have posted this in the more general forum as well and did not know how to change it to here.
Me and my husband are Turkish academicians who are interested in buying a condo in Michigan, as we have ties in this country (lived here many years) and visit most summers for 1-2 months. The property is around 200K and it will be a cash buy. We also have a young son (9) who is a US citizen who may want to go to school here when he grows up. In order to pay for taxes and HOA, we plan to rent it in the remaining time. We will most likely hold the property for several years. I have also seen some link about some special right to scholars, so for info, we are here currently for a 1yr-sabbatical.
The questions are:
- We were advised to buy it under an LLC to limit our liability, if renting. Is there any benefit of including the son in the LLC (as a non-managing partner)?
- We heard about FIRPTA, and the place will be less than 300K most likely when we sell, but I do not understand why the exception requiring the buyer using it as primary residence? Or other advice around that, suitable for our situation?
- Anyway to get the lower homestead tax, if we will not rent (I understand not, if an LLC)?
Any other advice?
Thanks!