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Updated almost 6 years ago,
LLC owning personal house? Is it legal?
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.