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Updated over 2 years ago on . Most recent reply presented by

User Stats

129
Posts
120
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Lori Williams
  • Developer
  • Youngstown, OH
120
Votes |
129
Posts

Turning rental into primary

Lori Williams
  • Developer
  • Youngstown, OH
Posted

Hi. I have a rental that I'd like to turn into my primary. NOT to avoid capital gains and then sell it after a couple years. This would be turning it into a primary and living there probably the rest of my life.

So my questions:

1. Is it better to transfer from LLC to our name? Or for us to buy it for what's owed on it from the LLC?

2. If we never sell it, how do they handle the depreciation taken? 

3. Is there a length of time you can live in it so that when you die, your heirs aren't paying capital gains on it?

We do not want to do a 1031 exchange on it (at least we don't think we want to)

Thank you and if there's any other info I should know, thanks for that, too.

I've looked online and all I can find is info on ppl who move into their rental to try to avoid capital gains when they sell in a couple years, and that's just not our situation.

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