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Updated about 6 years ago on . Most recent reply presented by

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Jason Atha
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LLC owning personal house? Is it legal?

Jason Atha
Posted

My father left his inheritance to me and another family member in 2 trusts (in our names). I am a trustee for both trusts. 

The trusts are 50/50 members in several LLCs for the purpose of buying and investing in real estate property. I am the manager of the LLCs.

I'm trying to figure the best way to use money from one of the LLCs to purchase a house for myself. I plan on living in this house for a couple years then turning it into rental property. 

Should I purchase the house using llc money and deed the house to the llc? 

If not, what is allowed or what makes the most sense from a tax standpoint? 

I don't want to take a mortgage out when there is money available to purchase the house. I also have a sizable umbrella policy if liability concerns come up

Thank you. 

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