All Forum Posts by: James Nidiffer

@David A Lisowski Thanks David. That's a new idea that I had not heard before. I'm grateful for the tip.

Thanks Greg. The LLC has not yet been formed. My other LLCs are taxed as a S-Corp. I've not yet spoken with my CPA about how the RE LLC should be set up.

The house is her name 

My mom owns a $200k house free and clear. She has a tenant in the house for the last 4 years. She is willing to allow my sister and me to use the equity in the house to seed our real-estate portfolio. We are trying to understand the best way to pull out the funds. She would really prefer not to take about a loan as she hates the banks being 'all up in her business.' If she gifts the property to us then we are over the $30k gift allowance for 2021. Would seller financing to our LLC be an option? Or there other options that limit her interaction with the bank and avoid a significant tax event? I'm grateful for the thoughts of the group. Jim