QUESTION
If I put it into a personal LLC instead of directly in my name, would I still need to own it for 2 years before selling to avoid the capital gains tax
Asked on Jun 20th, 2017 on Taxation - Ohio
More details to this question:
I am about to transfer a house worth $250,100 that reverts to me upon death. Should the LLC be formed in the same state?
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
If a house is owned by your personal, nonbusiness LLC, you will get the personal residence exclusion. However, if the LLC has other assets which are used in business, the exclusion is not available.
Answered on Sep 06th, 2017 at 8:53 PM