All Forum Posts by: Tom Beck

@Olia Fogel It is a traditional LLC

Traditional

I own New York LLC's which hold property in New York. I recently opened a Wyoming LLC to function as a holding LLC which will own the New York LLC's. Do I need to file any ownership transfer forms with either New York or Wyoming to formally document this change in ownership? The company I used to form the Wyoming LCC told me I just need to change my operating agreement. I find this hard to believe and question whether this would hold up in the event I was ever sued.

Does anyone know if there is a formal way to document this change in ownership?

Regards,

Tom

@Basit Siddiqi do you have time to schedule a call?

I don't know if I would buy a duplex I could not rent and cover they payments when I left. What part of Staten Island are you looking to buy?

Having a really hard time finding a real estate tax planning CPA in or around Staten Island… Does anyone have a recommendation?

This is what I was trying to avoid.

Is there a law or a rule stating that my Father has to sell my the property for FMV?

Aren't I just assuming the lower basis which at some point I would have to pay taxes on?

Worst case if there was an issue could he gift it to me after the fact?

Last question I know there alot but could he gift me both properties and close his 1031? Would I have to keep the properties in the a 1031? Or pay any taxes when he gifts them to me?

@Bernard Reisz Thank You very much for the info.

So this strategy would be legal as long as the IRS doesn't assert that the property was never held for investment, but rather with the intent of gifting away to a child?

How long would my father have to hold the property in the 1031 before selling me the property for 1 Dollar and the second one for FMV, before in your opinion, there would be little likelihood that the IRS would make that assertion?

At that point I would own the Property with a Basis of 1 Dollar and my father would only owe 1 Dollar of appreciation?

Thank you again for the help


 

Can someone answer this Hypothetical question for me regarding 1031 and Taxes.

Scenario

Lets say my Father bought a property for 1,000,000 and Sold it for 2,000,000

1031 Exchanged the sale

Bought two properties for 1,000,000 dollars each.

Held the properties for one year.

Sold me one property for 1 Dollar.

Sold the other property for 1,000,000.

Questions

Is this legal?

What would he owe in taxes?

What would I owe in taxes?

What laws could stop this from occurring?

Can someone answer this Hypothetical question for me regarding 1031 and Taxes.

Scenario

Lets say my Father bought a property for 1,000,000 and Sold it for 2,000,000

1031 Exchanged the sale

Bought two properties for 1,000,000 dollars each.

Held the properties for one year.

Sold me one property for 1 Dollar.

Sold the other property for 1,000,000.

Questions

Is this legal?

What would he owe in taxes?

What would I owe in taxes?

What laws could stop this from occurring?