All Forum Posts by: Jack Middleton

I’m not sure if this has been answered, but I haven’t found something I understand.

I'm having a hard time finding out... I have a house in an LLC that was sold this month. We have owned the house for three years. One of those three was our personal residence. We are confused how the capital gains will be calculated. Also, we are planning to use the gains to put toward a property that we are wanting to build within 6 months. Would that have an affect on the amount of capital gains tax?

Thanks for any information that we can get.

@Jack Middleton

I meant an asset planner

@Jeffrey S. Breglio

I'm using the trusts and LLC structure. I agree 110% about not having a financial planner giving asset protection advice. 👍

@Amy Kendall

A trust is that much? Wow. I just put our personal house by recording a warranty deed to trustee in the trusts name (that we made up). That formed a trust. Not sure about your state though.

@Brandon Wells

Thanks  

@Stephanie Money

One way to take care of college is to investigate a Coverdale investment. It's just like a Roth IRA, but for college expenses. It can invest and make profits tax free. I am not a broker or tax advisor, but recently found out about this and it really sounds good (my child is too old and isn't attending college)

@Maxime Leveque welcome to BP and Indiana. I’m south of Indy and residential is what I am doing... at least starting. My wife and I have 3 rentals. 
We think residential makes sense right now. MF is inflated these days and SF is easier to cash out of due to the fact that apartments are harder to sell than houses. 
let me know if you would like to chat a little. 

Consider that an LLC adds more protection than an individual. Ex: 3 houses in my name are rented and a fire occurs in one. Family sues, then everything in my name is at risk to settle the law suit... and it is considerably more than my insurance.
An LLC can hold title and it is better, but what if each house is in its own land trust and the LLC is the trustee of the trust. It is a lot better than attaching everything to you. 

What do you have in mind?  I’m in seymour. 

@Brandon Wells @Stace Hill

I would be interested in a monthly meetup too. Keep in touch.