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All Forum Posts by: Johnery Laurimore

Johnery Laurimore has started 4 posts and replied 15 times.

Post: 1031 Exchange into an LLC

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

@Daniel Osman thanks for your response.  This is the information that I was also given by my QI.  I appreciate your confirmation.

Post: 1031 Exchange into an LLC

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Henry Clark - I didn't quite understand your response. We aren't selling to ourselves but to a 3rd party. Essentially we wanted to do a 1031 exchange and purchase the replacement property under an LLC vs being directly owned by us. Yes I have spoken with them and just wanted to get second opinions/thoughts

Post: 1031 Exchange into an LLC

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Great question.  To answer your question:

1) resident state is NY

2) deed is Tenants by the Entirety

Post: 1031 Exchange into an LLC

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Has anyone done a 1031 exchange from a property jointly held by two parties to an LLC owned by the same two parties? I have a property that is co-owned with my wife which I'm in the process of selling and would like to do a 1031 exchange but would like the new property to be held by a newly created LLC owned by me and my wife. I'm trying to determine how feasible this is.

Post: Investing in WIlkes Barre, PA

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Thanks Ryan.  Thanks for providing the reference.  Are you currently invested in Wilkes Barre?  I would love to connect with you about investing in the area.

Post: Investing in WIlkes Barre, PA

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Thanks Michael!!  This is very good advice and especially coming from a property manager. I will definitely be putting this into practice.

Post: Investing in WIlkes Barre, PA

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

Is anyone investing in Wilkes Barre, PA?  Does anyone have a recommendation for a good property manager in Wilkes Barre, PA?

Post: Myrtle Beach Vacation Rental Taxes

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

@Myrtle Mike Thompson

Thanks a million!!! I appreciate all of your help and insight. It saved me a bunch of time in an already busy month with tax deadlines

Post: Myrtle Beach Vacation Rental Taxes

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

@Myrtle Mike Thompson

This is extremely helpful. I didn’t think about the Facebook option. I have a 1 bedroom condo so it’s good to know the range is reasonable. The form seems fairly simple as well. This was the only type of special local tax I found specific to vacation rentals in Myrtle Beach. Do you know otherwise? I gather you manage a couple.

Post: Myrtle Beach Vacation Rental Taxes

Johnery Laurimore
Posted
  • Brooklyn, NY
  • Posts 16
  • Votes 4

@Michael Baum

Thanks for this. I did see this and am working with my property manager to get the values needed. This seems like more trouble than it’s worth but I don’t think there’s much by the way of an exemption. I just wanted to confirm my suspicions. Great idea for the CPA. Since I only have one unit I was hoping to leverage off of the community first.

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