ncCPAp on the GO!

  • 1.  Personal Residence in LLC

    Posted 09-17-2019 13:11
    Husband and Wife form NYS LLC and purchase land for the construction of their personal residence.

    Deed is in the name of the LLC.

    Questions:
    1) Does the client loose the ability to deduct real estate taxes and mortgage interest?
    2) Does client loose the right to claim a section 121 exclusion if personal residence were to be sold in the future?
    3) Does the creation of the multi-member LLC require the filing of Form 1065 even if not held for business use?
    4) Are there benefits to creating this type of structure to hold personal residence property?

    Thank You!

    ------------------------------
    Jennifer Lynch
    Garden City NY
    ------------------------------