QUESTION
In NY, does putting your investment property in a trust, if you want to sell it, will decrease your taxes, please?
Asked on Oct 14th, 2020 on Taxation - New York
More details to this question:
i have a property I bought at a tax auction. I was told that it could be put into a trust, not a living trust, and when it is sold, then it could decrease taxes, and if it should be in my LLC or personal? Thank you. It is not going to be used as a rental.
1 ANSWER
1 Award
If it is agranto trust there is no difference for tax purpose because it is as if you ownede it. If a nongrantor trust the taxes would be higher since the trust rates are generally higher. I would have some vehicle--LLC or trust to protect yuo from persoonally from liability.
Answered on Oct 19th, 2020 at 5:37 AM