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November 28, 2014, 12:46:54 AM

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Real Estate Investing Forums | Real Estate Investing | Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: Need Advice on Legal Protection « previous next »
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Author Topic: Need Advice on Legal Protection  (Read 1168 times)
Pawan77
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« on: February 22, 2012, 06:55:53 PM »

Dear RE Investors, Could you please advice me on my current situation.

I currently own a house and planning to buy another house in another school district in 6 months and convert my existing house into a rental property. I need to stay in my current house till end of August as I received the tax credit during the 2009 tax credit scheme.

Now I came across a good deal in the area that I am trying to relocate to after August.
If I get that deal I will have to rent that new house till August before I move in.

Now which property should I put under an LLC. The new second house will be a rental till August.

Please post what would be your approach.

Thanks
Pawan
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Dave T
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« Reply #1 on: April 22, 2012, 12:07:24 PM »

An LLC provides no tax benefit and no liability protection for a rental property you will be managing yourself. 

Why bother with the cost and hassle of an LLC?  Just make sure you have adequate hazard and liability insurance.
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mcwagner
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« Reply #2 on: April 23, 2012, 02:31:02 PM »

what Dave said
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Mark Wagner, CPA, LLC
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WayneDixon21
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« Reply #3 on: April 30, 2012, 03:08:17 AM »

have you asked an attorney or any person who has vast knowledge in this matter? because honestly, it would be a  smart move to ask them. Seek for a professional advice,
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Real Estate Investing Forums | Real Estate Investing | Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: Need Advice on Legal Protection « previous next »
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