All Forum Posts by: Lara Stuart

@Account Closed

If I don't hold for 12 months or longer, is that active income?  I don't plan to lend longer that 6-9 months.

Thanks so much for all your super helpful advice!!

Best,

Lara

Great, thank you! I think I will start there with the LLC being owned by my Revocable trust.

Yes I can most definitely have the Revocable trust own the LLC.

There are assets in an inherited IRA that I could use, I think (not sure, I think just getting RMDs) I have taken $ out of inheritance before as a PAL (pledged asset line) and repaid it.

My father passed and his trust became irrevocable. My 2 siblings and I now have separate trusts derived from Dads (we all get a K-1). I want to use some of my inherited funds to start doing some PML and EMD but I don't want it to pass thru on my personal return. I also have my revocable trust, so basically two trusts (separate trust and my revocable trust). I have been diligent about not commingle funds with my husband/household. If I am using inherited funds for a separate LLC (Wyoming) how do I keep any income produced from that venture sole/separate assets?

Any recommendations for a real estate attorney in California? I need to sort out title for rental property under my trust.

Hi Natalie,

Yes, AGI is under $100K and I may become a real estate professional down the line.  I think I am going to wait.  Thank you so very much for your response and insight.  I really appreciate you and all the wonderful BP friends that have provided excellent advice.

Hi Julio,

Wow, thank you for all you attention to detail and asking great questions.  I really appreciate it.  After discussing with my CPA, we will not be doing a cost seg.  There is a chance I may sell in the next 2 years and they agree with you that would not be advantageous.  But now I know more about this for later when I scale.  

Hi Yonah,

Thank you! Thank you!  I really appreciate your advice as well.  I will talk to my CPA in a couple hours.  It all makes sense and I will wait until a later time.  

Thank you Salvatore,

Great advice…I agree with taking advantage of beneficial things when they present themselves.  I hope to scale this year.