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Updated over 9 years ago,

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2
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0
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Dru Westcott
  • Crystal Bay, MN
0
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2
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effect on capital gains tax of moving residence to LLC

Dru Westcott
  • Crystal Bay, MN
Posted

Hello,

I am relocating because of work and have lived in my primary residence for 10 years. I would have some non taxable capital gains if I sold my primary residence but because my new job is unstable I would like to rent out my house until I feel more comfortable. My questions are: should I move the title of my primary residence into an LLC to protect me from a liability lawsuit from a renter and would this affect the benefits of not paying capital gains on a primary residence up to $250,000, if I sold it in a couple of years, I do not have a loan on my house. Thanks for the help