BEWARE! If you are considering transferring property to an LLC, you must know about this tax bombshell.
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🔑 Key Insight: "What you need to do is research with the county whether or not that transfer will be a taxable event." 1:04
While transferring property to a Limited Liability Company (LLC) protects against personal liability, it also presents several potential drawbacks that should be carefully considered. For instance, there may be significant tax implications, particularly if the property has appreciated since it was initially purchased. Additionally, such a transfer may inadvertently trigger due-on-sale clauses in existing mortgages or make it difficult to obtain further financing.
In this video, I'll warn you about a potential tax bombshell when transferring property to an LLC. This bombshell could cost you a lot of money, and you want to know the situation!
I'm revealing the tax bombshell you need to know if you plan to transfer property to an LLC. Watch me to learn more about this tax bombshell and how to avoid it.
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Show Notes:
0:00 Intro
0:31 Transfer Tax
3:06 1031 Exchanges
4:41 Move Out
6:51 Joint Venture
7:51 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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BEWARE of This TAX Bombshell When Transferring Property To An LLC
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