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Updated about 5 years ago on . Most recent reply
Canadians! Transferring a property to an LLC?
For instance, for my first purchase, if I wanted to buy a duplex would I then, at any point, be able to transfer that duplex to an LLC if purchased with a mortgage? And how soon?
If not, what would be the best way to protect myself and the asset if a tenant were to sue? Would insurance be enough
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Eamonn McElroy
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#4 Tax, SDIRAs & Cost Segregation Contributor
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Eamonn McElroy#4 Tax, SDIRAs & Cost Segregation Contributor
#4 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
As @Account Closed mentioned, you'll want to consult tax professionals on both sides of the border before you do anything.
Canada treats all US LLCs as C Corps without regard to how they are taxed in the US.
An LLC might not be the optimal entity.