All Forum Posts by: Randall Tannen

You definitely want to get with a real estate savvy CPA. This will result in a change of ownership and property tax will likely be reassessed.

@Eliott Elias @Lisa Albright

Transferring ownership to an LLC, with no change in beneficial ownership is not subject to NY transfer tax. In terms of closing costs in your personal name vs LLC, there is no tax benefit of an LLC. You'll be able to deduct the same expenses for the STR regardless of an LLC or no LLC. The benefits of an LLC include asset protection, limited liability, increased opportunities for tax planning and so on.

There are many competent tax professionals in the BP community. Take a look and see who you’re most comfortable with. If you’re interested in an investor friendly tax professional at a reasonable price, and are open to non-local services, feel free to connect.

If you’re looking for strategic tax planning at the intersection of your biz and real estate interests, feel free to connect.