Just got off a call- the woman inherited a house that she is living in- her father owned it with a reverse mortgage and she is the successor but the company doesn't recognize her as the successor.

It seems that you're already aware that CA doesn't recognize series LLCs so that having multiple LLCs while being a CA resident can be costly.Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Steven:Does the IRS recognize BitCoin as a currency or is that relevant here?

This stuff shouldn't be allowed to be published, let alone be considered credible because you might recognize his name.

Add that to the horrendous performance of our public schools, and kids are basically just wasting time between the ages of 6 and 21...and are happy to do so...Until society starts to value (and recognize the value of) education again, and until our public schools stop trying to churn out robots with "employee" mentalities, this nation is only going to keep falling further and further behind in many areas where it previously dominated...Just my opinion, of course...

I agree and recognize where the risk is in SFH rentals and like a business I have unique and proven ways to minimize these risks.

When my phone rings, if I see an area code that I don't recognize, I don't even answer the call.

Dave suggested the proper route to go.The reason I asked was if it was your primary residence was if you excluded all of the gain; however, as a flip or development project you would have recognized the gain upon the initial sale.

Why are LLC's recognized in all 50 states and why would any California pay $800 a year for one if they are basically useless?

:) All you can do is recognize what people are, amongst the 3 described above, run to the hills if they are 1 or 2.