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Updated over 8 years ago on . Most recent reply
LLC vs Personal Accounts
I'm selling a rental property I've had in an LLC for several years. In June, I deeded it back to myself in order to take advantage of a 1031 exchange and be able to use my earned income to qualify for the purchase on the back end of the exchange. In the meantime, I have a rehab invoice that needs to be paid before escrow closes on the 1st. Should I pay the rehab invoice with LLC funds or, since the property is now in my name, use my personal account?
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
All this for some 'asset protection' while you held I guess? Doesn't sound like it was even there. What a mess. I bet your title insurance and hazard insurance is worthless now, too.
Your 1031 can now be viewed as a flip. Spread the word to anyone else trying to get sophisticated out there. This putting little houses in LLC business is getting out of control.