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Updated about 8 years ago,
Can I buy my personal home through LLC? (Live in flip)
I'm not sure if this differs by location, but if I buy a home and live in it for at least 2 years, I can sell the property without paying capital gains tax on the profit.
I was wanting to do a live-in flip. Buy a home and fix it up while living in it, then sell it after the 2 year mark.
Can I purchase the home through my LLC, write off (taxes) the material costs of upgrading and possibly adding a deck etc, and then end up ultimately selling it? Or is this not something you can do on a personal home?