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Updated about 8 years ago,
Like so many.. but best options now... llc / leave as is...
So I am new to the forum and I have to say there is so much rich info. on this forum this topic may have been covered but I have not found the advice / guidance I am looking for.
Like so many, I became an accidental landlord about 10 years ago. I had bought a single family and was selling the two family I had been living in. The two family deal fell through and I decided to keep it as an investment property.
To be honest, I did not give much thought to entities or anything like that. I just kept it, collected the rent, kept basic track of expenses and took out an umbrella policy just in case.
Then about 2 years ago, I had the opportunity to create a revocable trust and moved both my primary and rental property into it. So I did.
Thankfully all is going well (fingers crossed and wood touched) and the property is cash flow positive. Thinking that I might invest in another property I started to do more research and started to think I might (well I am) be doing things wrong. So digging deeper and reading a few books I opened up a pandora's box...
So to my question (and apologies for being long winded) ...
Does anyone have any thoughts on the above..
(a) should I move the property out of the trust and move it into an llc?
(b) Which type of llc would be best for my situation (I could be sole or I could bring my wife into the llc as well - this always confuses me.. ).
(c) is there an option to bring the llc into a revocable trust
(d) I am guessing i may have tax issues moving it from my name to llc - any guidance ?
(e) any other thoughts guidance ?
If relevant but I like in Massachusetts
Thanks and looking forward to the discussion and being an active participant on this forum.