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Updated about 1 year ago,

User Stats

6
Posts
1
Votes
Thomas Sokolis
Pro Member
  • New to Real Estate
  • Bucks County, PA
1
Votes |
6
Posts

Collecting Rent through an LLC when personally owned

Thomas Sokolis
Pro Member
  • New to Real Estate
  • Bucks County, PA
Posted

I bought a property 18 years ago and lived in it for 8 years.  When my wife and I moved to our new home, we kept the property, and decided to rent it out.  My name alone is on the deed.  We had a tenant in there for 10 years.  She unfortunately destroyed the property and we are now in the process of an eviction.  We will then have to rehab the property.  

My question is, I bought the property as a single fella in 2005. I created an LLC in 2023 thinking I may transfer it into that, however, the transfer tax ($5,000) makes it not worth it in my opinion. I own the property outright with no loan. Should I collect the rent through the LLC or just keep doing it myself?

  • Thomas Sokolis
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