You usually have to file some paperwork well in advance.

You will still be able to benefit from the losses whether its set up as a MMLLC or SMLLC since you are married.Main thing to keep in mind from the tax side of things is that MMLLC may have a Form 1065 filing requirement each year and increase your tax prep fees.

Just filed so that our team can be fully up and running in the greater Tampa Bay area.

Make sure any additional paperwork that needs to be filed with the court making you the plaintiff is taken care of. 4.

What if a married individual has income of $200k+ but the spouse is not in workforce, so that is the total income. i.e below the $300k limit for married filing jointly.

The contract he signed with them was extremely pro seller, and I think he figured he would eventually foreclose/evict them and we would never know.The guy was a joke, fraud charges were filed by the DA on him, but going after him for any money would have been a waste of time.

I would think very long and hard about filing a BK when your upside down. 

I wonder if the tax forms would be mailed there, and then that trust company will file to IRS to explain it is tax exempt? 

Then you can file eviction if needed.

Since this was your primary residence 2 of the last 5 years you would be exempt from taxes on a sale up to $250k in profit ($500k if married filing jointly).