Question for you: what kind of account need to set up to put capital gains in and use the fund to buy other properties later without tied up with or going thr 1031 Ex?
I would start with a WY LLC to hold the funds then set up single purpose LLCs to hold your real estate. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
If I have a WY LLC taxed as a C-corp as my Flipping entity and I form a NJ LLC-Disregarded to take down the property and my WY LLC owns 100% of the NJ LLC (the property LLC), does my WY LLC have to be foreign registered in NJ do do this deal in this example?
If an author sets up a LLC taxed as a 'S' Corp with a publishing company; would his earnings be categorized as 'passive' income voided of capital gains?
@@ClintCoons( I certainly do appreciate your prompt response.) Would it be illegal to create an LLC taxed as 'S' for each book? given the fact they would not be published in the same calendar year. If not illegal, does series LLC accomplish this goal?
I am currently in escrow 8/30/24 formed a WY LLC with the property address for the name. The flip property is in AL. I am using a bridge loan through Kiavi. Now they want me to file the WY LLC as a foreign entity in Alabama. I explained I plan to fix and flip it. I asked the broker "is this a lender overlay?" If I am running into this push back then I will form the LLC in the state I am buying the property in to fix and flip. This was a waste of money forming the LLC in WY only to have to file it as a foreign entity in the state the property is in. Am I missing something here? I will be doing more of the same thing in the future.
Who is telling you to file in AL - the lender or title? If it is the lender then you are stuck and some lenders will in fact require a filing. It really depends on who you are working with on the deal.
Using the wholesale trust system, I had acquired a property in CA to flip, using hard money. Upon completion, we decided to hold it as a long term investment. What (if anything) would I need to change or update to my disregarded WY LLC (currently owned by my C-Corp)?
You would need to assign the LLC to yourself or holding LLC if you have one. You CPA will need to make sure all of the expenses etc are carried on your 1040 and not that of the corporation.
Question for you: what kind of account need to set up to put capital gains in and use the fund to buy other properties later without tied up with or going thr 1031 Ex?
With an LLC/Scorp do you pay taxes for the sale or can you reinvest your capital gains?
Does it matter in which state will i register my C-crop or does it follow the same logic of the LLC?
Register in the state where you conduct business.
What type of account to set up for long term capital gains without going thr with 1031 Exchange? Thank you.Nina
I would start with a WY LLC to hold the funds then set up single purpose LLCs to hold your real estate. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
If I have a WY LLC taxed as a C-corp as my Flipping entity and I form a NJ LLC-Disregarded to take down the property and my WY LLC owns 100% of the NJ LLC (the property LLC), does my WY LLC have to be foreign registered in NJ do do this deal in this example?
No provided the WY LLC is not doing any business in NJ. The NJ LLC must handle all aspects of the flip.
If an author sets up a LLC taxed as a 'S' Corp with a publishing company; would his earnings be categorized as 'passive' income voided of capital gains?
If you only write one book then the royalties are not active income. More than one - congratulations you are in the business of writing.
@@ClintCoons( I certainly do appreciate your prompt response.) Would it be illegal to create an LLC taxed as 'S' for each book? given the fact they would not be published in the same calendar year. If not illegal, does series LLC accomplish this goal?
I am currently in escrow 8/30/24 formed a WY LLC with the property address for the name. The flip property is in AL. I am using a bridge loan through Kiavi. Now they want me to file the WY LLC as a foreign entity in Alabama. I explained I plan to fix and flip it. I asked the broker "is this a lender overlay?" If I am running into this push back then I will form the LLC in the state I am buying the property in to fix and flip. This was a waste of money forming the LLC in WY only to have to file it as a foreign entity in the state the property is in. Am I missing something here? I will be doing more of the same thing in the future.
Who is telling you to file in AL - the lender or title? If it is the lender then you are stuck and some lenders will in fact require a filing. It really depends on who you are working with on the deal.
@@ClintCoons yes the lender, Kiavi. I'm doing enough deals that I'll get the hang of it to know who can / does what
Using the wholesale trust system, I had acquired a property in CA to flip, using hard money. Upon completion, we decided to hold it as a long term investment. What (if anything) would I need to change or update to my disregarded WY LLC (currently owned by my C-Corp)?
You would need to assign the LLC to yourself or holding LLC if you have one. You CPA will need to make sure all of the expenses etc are carried on your 1040 and not that of the corporation.
Foreign countries wanting to learn strategies to purchase American real estate?? - LOL..... No thank you!