All Forum Posts by: Mary-Grace Harley
Mary-Grace Harley has started 1 posts and replied 1 times.
Post: LLC formation after property ownership
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Hello!
My husband and I are in the process of launching our first STR in Savannah, GA. I have a couple initial LLC and tax related questions.
1) The house was our primary residence, and was bought under my husband's name. It is currently our only purchased residence (we are long term renting our house right now). Is it worth starting an LLC and attempting to transfer this property into the LLC? From what I understand, that process may necessitate paying off the full mortgage (depending on the loan clauses), and/or a loan refinance/restructure.
2) If an LLC is not the best option, should we file for a DBA and acquire and EIN to open a business bank account and keep business finances separate?
Thank you for any help, or any resources you can point me towards!