LLC holding primary residence?

[Kerry Drake]

I recently started a wholly owned LLC to perform fix and flips initially, with the idea of transitioning to buy and hold as the cash reserves allow. Is there any tax incentive, or disincentive, to transferring my primary residence to the LLC and renting it from the LLC? Or is it a wash since LLC income is passed through to the owner(s).

[Bill Gulley]

Bad idea, no tax advantage and you can lose advantages of your owner occupied home and homestead exemptions. You also defeat the purpose of any liability protection making your home a company asset. See your tax advisor, but there is no advantage, just down sides. :)