Should You Transfer Rental Property into an LLC? (How & Why)
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- Опубликовано: 3 авг 2024
- Should you put Your rental property in an LLC or Your Personal Name? In this video, I'm going to share How (& Why) to Transfer Real Estate Rental Property into an LLC, step by step, in 2022.
Tax Services: bit.ly/3iC6FCI
Timestamps:
#1 - Why Transfer Real Estate into an LLC? (1:20)
#2 - Cons of Rental Property inside of LLCs (3:30)
#3 - How to Put a Property into an LLC [Step by Step] (6:10)
#4 - Tax Consequences (10:56)
In this video, I cover:
- Why Transfer Real Estate into an LLC
- The Tax Consequences / Outcomes (of making the move)
- How to Move a Property into an LLC, step-by-step
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
Thanks for the information.
Loved the video.
Thanks for the info man, might do this in the future.
Great info! Thanks!
Very helpful and informative! Thank you.
yayy i was wondering and literally here the video & thankyou
Glad you found it, thanks for watching!
Great video!
Thank you
Love the video. But I do have some questions with properties you own out right no mortgage or anything. If you could I would love to get your advice about it
Solid video thank you. Wondering about the initial question, does transferring a rental property to an equal part shared llc reduce my personal debt and open up future investment potential. Thanks man
Even if you have an LLC they still want you to be a personal grunter. It’s complicated. You get to know what is going on every details.
Love the videos btw !
I plan on getting a house soon but i want to rent out the vacant rooms. Should i get my LLC now or wait till i have the property. And can i write off the furniture/wifi/etc that i plan on purchasing for the home .
Will check your other page
Just discovered your page today and feel like I struck gold!! I learned that my tax filing has been wrong the last couple years because I have owed taxes despite major write offs on my rentals and Airbnb home. Do you do consulting? I am seriously desperate and eager to learn. Please send info if you do
Thanks, great video. I have a question - would I attract any long term capital gains when transferring the rental property ( which was my primary residence earlier, that is now rented) to my new LLC?
Great video, So would it best to put your property and an S-Corp or C Corp? May you make a video on these? LLC seems very risky
Thanks! No, actually you should be very cautious about using a S Corp for rental property. Watch this: ruclips.net/video/NWgOpWqt-Pk/видео.html
What are the pros and cons to transferring a rental property into a new LLC
Hey thank you for the video. I am wondering, in terms of asset protection what is stopping someone from a lawsuit against the llc that now owns the house? Especially if the llc is listed as the landlord on the lease
There were more cons then pros???
Thank you so much for great video .
I already an LLC for my rental properties . How can I add more properties to that LLC with series LLC for maximum protection?
Yes i have the same question - how can i add additional properties on my llc
Hi Sean, Which deed type would be best for that, the Quitclaim or Warranty deed?
Hey, Fantasic video. Quick question, usually I would file my investment property on Schedule E. Once I put that property in an LLC, do I still file it on Schedule E, or do I use Sch C?
If I use Sch C, I would have to elect to be chose to be taxed as S Corp, therefore I would file 1120S Correct, Then a K-1 would be distributed to mu personal side.
Any advice is greatly appreciated
Let me know,
Thanks!
Great question and thanks for watching! So, if you are a passive real estate investor (which most people are) then you would still use Schedule E.
The Schedule C / S corp strategy would be best for active real estate investors like flippers and agents. Plus, there are many disadvantages of using an S Corp for rental property. I have a good video about that here: ruclips.net/video/NWgOpWqt-Pk/видео.html
This is not completely accurate. Most banks do not allow individuals to transfer the loan to an LLC.
I agree with Kris. Almost all mortgages have "pay on sale clause." This means, that you owe the full amount of the mortgage, if you transfer to an LLC. @LYFE Accounting can you provide some clarification?
If my primary residence is also a rental and i dont need an llc how do i handle the money? Just claim it on my personal tax return?
If my loan is in my name and want to move it to an LLC. What do I do?
So if I have a property that’s my primary home . can I put a renter in there without a LLC until I have enough rentals producing enough cash flow to put in a LLC ? Then get the EIN# and setup a business account?
Absolutely! In fact, most landlords don't have LLCs.
You can also apply for an EIN as a sole proprietor.
even though you transfer the property into the LLC the loan is still under your name correct?
So i have rental properties in New Mexico , Hawaii, North Carolina amd Missouri , I live in Missouri … how do I go about getting an LLC or scorp for these properties … combined
Sounds like you would need to register an LLC in each state and consider having a holding company. Also, be cautious about using a S Corp for rental property. Watch this: ruclips.net/video/NWgOpWqt-Pk/видео.html