All Forum Posts by: Cameron Skinner

I just want to suggest that's every individual out there has a different set of circumstances, does everyone on BP need a series LLC owned by a foreign trust? of course not, does everyone on BP just need to hold all their properties in their personal name and just get a big insurance policy? of course not. I think the point is to kick around ideas see what others are doing, so you can do a little research yourself to pick the right structure for you unique individual circumstances. Good luck!

every successful real estate agent I know works 60-70 hours a week a lot of nights and weekends showing homes.  I also know plenty of unsuccessful agents who do it more as a hobby or just hope to get a few listings a year from family and friends.  

IRS has disallowed PATs since 2006, they were a tax shelter designed by insurance companies, and they were always kind of sketchy.  The 1031 exchange is in the tax code and has been around forever, and not going anywhere anytime soon.  You can exchange investment property for any other investment property not really sure what you mean "personal business use"?

@Steve Vaughan, you are so right, you offer free advice on a question with limited info and context from your own real life experience doing this for 20 years, just to be helpful and and 10 people who have owned one rental for a week dog pile you with the one exception or obscure rule they found just to try and prove you wrong.

@Victoria Stone take the advice of @Ned Carey get a licensed tax professional in who owns rental property themselves. Good luck!

oh forgot you can always go back and separate them later, then you might need a survey if they aren't in plates lots and blocks, good luck,

I see your in FL.  I'm in bay county FL if I own two adjacent parcels I always join them as the taxes are always lower.  For example thier is a $150 storm water assessment per parcel $22 masqueto control ect.  It's easy up here just go down to property apraiser and fill out a form, they don't require a survey or any title work, assuming similar in gainsville.  Hope this helps, oh and Go Noles!

IRS does not allow private annuity trusts anymore for capital gain deferral. 

@John Thedford if you file your LLC as an S-corp you owe tax on all your profits made in the company even if you leave all you money in the company. In some IRS private letter rulings they have taken the position if you have a charging order you have rights to the profits even if you have not received them, so the creditor owes the tax. On the other hand some courts have ruled since you have no constructive receipt the judgement creditor does not owe the tax. But usually the mere threat the IRS "can" tax you on profits that you may never see, is enough to dissuade a charging order.

good luck!

@Richard C. every state is different but in FL in almost 20 years of the LLC statute only one LLC has ever been cracked, FTC vs. Olmsted and this guy just transferred all his personal assets to an LLC with no business purpose, and it still took the full legal force of the Federal government to crack it. As long as it's a bonafide business interest LLCs are almost impossible to crack, at least here in FL. As I stated earlier nothing is 100% with enough lawyers and money and time maybe my LLCs can be cracked into by an outside creditor, but our goal in asset protection is to put so many hurdles in the way it's just not cost effective to even try.