Personal Finance (Not Investing) • Use of LLCs and Trusts for Primary Residence - purpose and when?

Doesn’t using an LLC prevent you from claiming any mortgage interest or property tax as a deduction on your taxes?

I think in most cases either a revocable (grantor) trust or single member LLC would be used, because only the use of a disregarded entity preserves the ability to claim a principal residence exclusion upon sale.

Could a joint revocable trust own the LLC and still have full passthrough taxation? In a lot of states the LLCs are totally anonymous assuming you nominate a third party as the registered agent.

New York (where I assume you are from your user name) is not a community property state. Do you have community property from when you lived in a community property state?

Statistics: Posted by NYCaviator — Sat Mar 23, 2024 9:18 pm — Replies 15 — Views 1013