All Forum Posts by: Harris L.

Hi guys, I have a question. I have complicated transaction and setup.

My business partner and myself bought an office condo 12 years ago under a California LLC and we sold it last month. Very straight forward. We then use the proceeds to 1031 exchange to several properties with a turnkey provider in other states outside of California. 3 states to be exact.

I have a few questions (my CPA is on vacation that's why I'm asking here, I'll confirm with him after he is back)

1. Can you retitle the properties anytime after close of escrow to another LLC that's not a child entity of your California LLC? Any problems with this setup? will it nullify the 1031 exchange in IRS' eyes and how about California Franchise Tax Board? When nullified it will trigger a tax event.

2. If you have a reputable property management company, would you still need to retitle your properties to their own LLC in the state where the properties are located? What are the ramifications, if you didn't do this? I'm basically saying if we didn't retitle, we'll have a California LLC owing properties in other states.

I'm exploring options to see validity, advantages and disadvantages.

thanks guys!

@Chris Clothier awesome update! cheers.

hey Guys,

quick question about financing.. if you have properties across different LLC in different states will the commercial lenders be willing to fund them say if the 5 properties are in 3 different LLCs?

thanks!

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cheers!

Harris

@Logan Allec thanks for jumping on a call with me... and helping me understand how all this works.. I'll be in touch.

cheers!

I was just talking to my CPA regarding LLC formation, as I live in California and my CPA is telling me after research but not actual direct experience he believes that:

1) if I live in California any non-CA LLC(with or without a partner) that I directly own I have to pay the CA FTB $800 - I knew this information

2) and any LLC that my non-CA LLC owns even if the child non-CA LLC is a disregarded entity I also need to pay the yearly CA FTB $800 fee.

The structure we were considering is this:

A) A holding company outside of CA (but registered to do business in CA) - a WY or NV 

B) other non-CA LLCs but all these other non-CA LLC are owned by the holding company.

Anyone in California who has this structure that is paying all the CA LLC FTB $800 fee for (B) non-directly owned non-CA LLC ?

Any thing I misunderstood or missed?

-Harris

@Ian E. thanks for the update... looking forward to more updates.

if I'm understanding it right the full assessed taxable value in TX is different from the selling price? 

And the full assessed taxable value never increases more than 30% per year in TX?

>On Jan 1, 2018, you will lose the homestead exemption and you will be subject to the full assessed taxable value of the home.

Thanks Fred...  

Hi guys,

Just doing my research.. still looking via Google but I want throw my question out here..

If I buy a property in texas is the re tax recalculated after change of ownership based on

1) up to 30% increase from prior years - if it's $1k in prior years it'll be maxed out at $1.3k (heard about this for the first time)

2) or based on current value whatever the percent is for the county... 2.7% or 2.8% of new property value. (this is what I've seen based on my county tax records searches of properties sold last year.) so this could be 50% increase if the property was held by the prior owner for a long time.

thanks!