All Forum Posts by: Kaveh E.

Thank you all for your replies. It is correct that if this property is my personal residence, it should NOT be put in an LLC. An umbrella policy will be better liability protection.

Yes.  But may use it as short term rental (aribnb) or rent part of the year.

I am considering forming an LLC just to hold residential real estate for liability protection. I would quit claim a deed from my personal name to the LLC.

-When I sell the property, would I be paying a tax on the profit of the sale (sale price less adjusted basis) AND a LLC fee based on the sale price?

-Would I lose the personal home tax exemption for the $500K of profit on the sale?

-Could I quit claim the deed out of the LLC to my personal name prior to the sale and avoid the above taxes?

Thanks