Exempting Capital Gains when a property is owned under an LLC?

[Michael Carbajal]

I am closing on a SFR in January that I plan to live in. I am curious if anyone has ever successfully been exempt of Capital Gains Taxes when completing a "Live in flip" even if the property is owned an LLC? From what I read online, as long as it is a single member LLC then it shouldn't be an issue. 

Also, will I be able to qualify for a Homestead Exemption if I own the property an LLC?

Can anyone confirm? Has anyone done this?  Thank you and Happy Holidays!!

[Suzanne Player]

Hi Michael

You definitely need to get specific personalized advice from a CPA for your tax planning and for setting up record keeping.  You’ll want to get references for experienced people in you area.  Don’t waste your time on the internet for this type of thing, even the forums won’t be able to do this for you.  It will save you money and time.