All Forum Posts by: Sue Jing

Hi all, 

Have a question regarding how to setup the asset protection. From what I have read, LLC seems to be the best choice. But ]I also read about the trust and LP, so i am bit confused as to how to structure it. If you have similar experience, can share your experience or opinion.

We are located in NYC, and have a few properties in the area, including coops ( which I was told, we can't transfer to LLC, is it correct?). We also have a few properties in TX. Where should we have the LLC/LP? considering the fees associated with having the LLC each year, should we set it in a different state other than NY/TX? Would that be too complicated during tax season?

Lastly, do u have any lawyers you can recommend NY and TX?

Thank you for your reply!

@Dave Toelkes, thank you for ur input. We managed to close it on the last day. But the information you provided is great. Will keep them in mind! 

thanks Derek. Can u tell me what's the different between real estate professional and not? We are qualified for it since we put a lot of time in this year with the exchange. but we have never filed as one. So considering to do it for 2015 if it offers more advantage. 

I am currently doing 1031 exchange, and looks like we won't be able to close one of the properties we exchanged. The 180days closing deadline is next week.  It's a long story, how we get to this point. 

My question is, for the capital gain we get with this exchange, Can you claim the loss we had from previous yr and the other properties against it to decrease our tax liability? Do it matter if we are considered as real estate professional? 

Thanks for all your response!