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TheKeeperOfBooks
Level 2
October 19, 2020
Question

a single person put her primary home into a LLC

  • October 19, 2020
  • 1 reply
  • 35 views

Where do I report the home. In a schedule E?

This topic has been closed for replies.

1 reply

George4Tacks
George4Tacks
Level 15
October 19, 2020

If it is a rental, then Schedule E. If it is just a primary home, then normal Schedule A entries for taxes and interest. 

I am curious as to the logic of doing this? LLC is for protection of assets. Wouldn't a bigger liability insurance coverage be more cost effective? Does IRC 121 exclusion exist? Is the lender going to get excited because of a change in title? 

Answers are easy. Questions are hard!
    T
    TheKeeperOfBooksAuthor
    Level 2
    October 19, 2020

    For a CA LLC what would the business code be for a primary home in a LLC

    George4Tacks
    George4Tacks
    Level 15
    October 19, 2020
    I wouldn't. Spend the time canceling this LLC https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/may-2018/how-to-close-a-california-business-entity.html
    Are you starting by late filing the 568?
    Answers are easy. Questions are hard!
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