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All Forum Posts by: Helen Lee

Helen Lee has started 8 posts and replied 19 times.

Post: transfer property from trust to llc

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0

I want to transer my property which is owned by my personal trust to a LLC I just set up. The property is in Michigan. It's currently in state forest program for tax deduction. Now I wish to transfer it to a LLC. Here is the question:

1. Will I lose the tax deduction from forest program?

2. Currently the LLC is under my name. Can I change the owner of the LLC to my trust?

3. Can I do the transfer with a quit cliam deed in Michigan?

Post: period to avoid capital gain tax

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0
Originally posted by @Dave Foster:

@Helen Lee, You have what is commonly called a split use property.  It is part primary residence and part investment. For the unit that you live in you must sell when you can still claim that you have lived in it for 2 out of the 5 years prior to sale.  

For the other two units - those are investment property not your primary residence.  So you cannot get the primary residence exclusion.  But you can perform a 1031 exchange when you sell the building and purchase new investment property with the investment allocation of the old building.  Doing this will defer the tax and depreciation recapture.

You're actually in an enviable position.  You have the opportunity to take some of the gain from that sale tax free and tax defer the rest.

 I wonder how to calculate the deduction for the primary residence portion. Is it based on the size of the unit?

Post: period to avoid capital gain tax

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0
Originally posted by @Josh C.:

2 of the last 5 years for personal residence. You keep saying building? Is it a whole building? You have to occupy the whole thing to get the 250/500k deduction. Otherwise you’d pay capital gains on the part that was a rental or investment.

 Yes. It's a three unit building. What do you mean by 250/500k deduction?

Post: period to avoid capital gain tax

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0

We bought our new house before selling the old building. We used to live in that building for more than 10 years. How many years do we have to sell the old building to avoid capital gain? I remember we should have three years. Is that right?

Originally posted by @Hip Rodriguez:

Hi Helen.  I'm looking in the area.  Does the three unit have a commercial space?

 Yes. There is a storefront in the building. (seven seven three two eight six nine two zero nine)

Plan to sell a 3-unit building in Chicago (Dunning). Need recommendation on realtors, especially commercial realtors. 

Unbelievalbe that I have to evict a tenant with good credit. She rented our storefront for storage. Last year, everything is ok. But ever since this Feb, she did not pay the rent. She said she was ill and in hospital. And she need heart transplant. I felt sorry for her and did not serve her any notice. And she kept promising me that she would move out. But she never did. Now I can't not handle this any more. And she just did not return my phone call or text. So I decided to start eviction. Here is my question. How could I serve her? She was ill and god knows where she would be, hospital? assisted living? In the commercial lease, there is a term as following:

Notices. Except as otherwise required by law, all notices under this Commercial Lease from Landlord to Tenant shall be mailed by first class U.S. mail, postage pre-paid, to Tenant’s last known address, or e-mailed to the e-mail address provided by Tenant in the Terms and Conditions and shall be conclusively presumed to have been received by Tenant three (3) business days after mailing or emailing. All notices from Tenant to Landlord shall be mailed by first class U.S. mail, postage pre-paid, to Landlord, at the PO Box address of the Facility listed on the first page of this Commercial Lease. Tenant is responsible for notifying Landlord in writing, via certified mail return receipt requested or via notice in the drop box, on a form prescribed by Landlord of any change in Tenant’s address or of intent to vacate at the end of the term.

Can I just send a first class mail for to serve the 5-day notice?

Anyone has suggestions?

Post: need contractors to replace window I-beam in Chicago

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0

2nd floor. Total 2 

Post: need contractors to replace window I-beam in Chicago

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0
Originally posted by @Glenn Banks:

Helen Lee This structural member is known as a "lintel". Why does it need to be replaced ?

 It's corroded badly. Need replacement. 

Post: need contractors to replace window I-beam in Chicago

Helen LeePosted
  • Chicago, IL
  • Posts 19
  • Votes 0

Anyone could recommend good contractors to replace or fix window I-beams. Might need some tuck pointing too. The location is in northwest part of Chicago, near O'hare.