All Forum Posts by: Gabriel Heath Stine

Hello all, my wife and myself purchased a hurricane damaged home here in Lake Charles, LA for a great price after Hurricane Laura hit. Decided to buy it under the LLC for the liability protection. Now we are finishing up with the flip. We don't want to do a 1031 exchange at this time. What we ideally would like to do would be to make this property into our primary residence for a couple of years and then sell the property, of course to avoid the capital gains tax. The question is can we leave it in the LLC or do we have to transfer or distribute it to ourselves? I saw a question similar to this a few years back but didn't see what the outcome ended up being. Any help would be appreciated. Thank ya'll!!