All Forum Posts by: Misty Wood

I am going to be building 3-5 spec homes to sell. Do you recommend getting an LLC for each one? If yes, do I need to setup up separate bank accounts for each one and make sure I am using the correct checking account for each individual home each time I buy or pay expenses? Or, can I have one bank account and classify the expenses to each property for tax and liability purposes?

Thank you both for the information you provided.  

@Dave Foster if it was left as is and nothing was done, are the recipients taxed on the proceeds like income or capital gains?  I sent you an email and would like to discuss services through your company.  Thanks

@Bill Exeter it is an family LLC.

Hello, I own a % of a family farm and would like to do a 1031 exchange with my proceeds once the farm has sold.  When the property is sold, it will be done in the family name and the proceeds will be distributed to each recipient.  How do I do a 1031 exchange since the property isn't in my business name?  The shares I hold are in my personal name.