Legal Question in Tax Law in California

putting personal home in LLC

Is there some tax advantage of placing a personal residence in a LLC ?

The owner is 75 years old. The home is paid for. The tax consultant advised this action


Asked on 8/09/08, 7:12 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: putting personal home in LLC

usually not. it is likely that such a transaction will have unexpected and unintended consequences. if your "tax consultant" is not a qualified asset protection, tax and estate planning attorney (or if you have not also consulted an attorney) you should do so. the goals and objectives you are attempting to accomplish should likely be implemented in a different manner.

Read more
Answered on 8/10/08, 12:08 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in California