Can married couple flog their primary home of 23 yrs to their LLC near the LLC taking out a unusual mortgage?
Also, if so, would they use the 121 exclusion when they sell to the LLC? And, would the LLC begin the 23.5 year depreciation rota when it now becomes a rental?
Answers:
I'd like know what is LLC? and if this is possible please post answer.
Why do you want to do this? Knowing your motivation will make it easier to answer this interrogate.
LLC = Limited Liability Corp. for those who do not know.
There can be reasons for doing this and not, but I'd have to know why to properly answer the cross-question.
My guess is your hoping that your LLC can purchase it for a high price and you are hoping to get to get alot of dosh at closing. NOT GONNA HAPPEN. Lenders caught on to this kind of crap many years. To answer the second member of your question, no. Source(s): Broker, Real estate investor
sorry i can't answer this question.
but for the sake of others like me i looked up LLC and is a Limited Liability Company.
I did not stir into it further.
I can only answer the first part. Most lenders that I know of will not lend to an LLC. Hopefully someone here know some that do, but I don't. You would want to call around and ask that question formerly starting anything Source(s): mortgage broker
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Answers:
I'd like know what is LLC? and if this is possible please post answer.
Why do you want to do this? Knowing your motivation will make it easier to answer this interrogate.
LLC = Limited Liability Corp. for those who do not know.
There can be reasons for doing this and not, but I'd have to know why to properly answer the cross-question.
My guess is your hoping that your LLC can purchase it for a high price and you are hoping to get to get alot of dosh at closing. NOT GONNA HAPPEN. Lenders caught on to this kind of crap many years. To answer the second member of your question, no. Source(s): Broker, Real estate investor
sorry i can't answer this question.
but for the sake of others like me i looked up LLC and is a Limited Liability Company.
I did not stir into it further.
I can only answer the first part. Most lenders that I know of will not lend to an LLC. Hopefully someone here know some that do, but I don't. You would want to call around and ask that question formerly starting anything Source(s): mortgage broker
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