All Forum Posts by: Shireen Y.

Awesome!! Thank you, Dave. I really appreciate all the time and effort you put into answering questions. I've learned a lot from you :)

Thank you, David. I am the Grantor and Trustee. Several family members are listed as beneficiaries. 

They did occur. I am just trying to find out the answers to the questions above. 

I sold a property that was in my name and would like to use my 1031 to buy rental properties in an LLC owned by a Revocable Living Trust. I understand that the taxpayers from the relinquished property and the property being purchased need to be the same. So, would the taxpayer of an LLC owned by a Revocable Living Trust be the grantor or me in this case?

Also, would it matter if I were to purchase in another state? (Relinquish in California and purchase in North Carolina) 

Thank you, Greg!!

Hi, @Nicholas Aiola would you be able to share when you think a QSST is beneficial? Or, know someone in the community that does?

I'm hoping to get a CPAs point of view on S Corp election and QSST. I recently formed an LLC with my revocable living trust as the sole member. I would like to elect S Corp taxation for this LLC. When would it be beneficial to elect QSST and when should an LLC forego that election? I understand the qualifications to be in compliance but I don't understand what the point of it is. Thanks!

Thank you so much for the help. The two documents that were used are the California Association of Realtors "Manufactured Home Purchase Agreement and Joint Escrow Instructions" and "Residential Lease Or Month-To-Month Rental Agreement". The attorney told me that the two contracts are separate contracts and that I could evict him but that he would have the option to purchase in a few years. I've attached part of them below. The first two images are the purchase agreement/addendum and the third is the lease which is now month-to-month per B (iii). (In case this matters..this was at a time when I didn't want to foreclose and my realtor found someone that couldn't obtain a loan. The mobile home is located in a park where renting to tenants is not allowed). 

This is an interesting idea. I'll definitely look into it. Thank you, Rick!

Hi all!

I have been dealing with a buyer (now considered a tenant since he's defaulted on his payment so many times) that has stopped making his payments. I have been told by a local attorney that I could evict him, but that he would still have the option to purchase the property in 2025. Apparently, the Home Purchase Agreement and Lease Agreement that I have with him are two separate contracts. My hands seem to be tied but I can't help but think that there has got to be a way out. If anyone can advise or refer me to anyone that could help, I would greatly appreciate it!