Can I use an LLC for My Personal Residence? (pros and cons)
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- เผยแพร่เมื่อ 11 ก.ค. 2024
- We teach people how to form LLCs in all 50 states: www.llcuniversity.com
Using an LLC for your personal residence has some pros and cons. In this video we'll discuss what you need to do in order to purchase the real estate in the name of the LLC.
The related video I mentioned about "when to form an LLC for real estate" can be found here: • When to Form an LLC fo...
If you already own your home in your personal name, you'll need to transfer title to the LLC. This means you'll need to contact a local title company and calculate all the closing costs. You'll also need to talk to the bank to see if it's even possible (it's not likely in most cases)... so it's best to transfer title when you own the house free and clear.
On the other side, if you haven't purchased your home yet, you'll want to weigh the pros and cons (and speak with an attorney and an accountant) to see if this is a good strategy.
Your insurance policies will need to change, as well as your utilities (you'll need to transfer them into the name of the LLC).
There are a lot more details involved, so treat this information as an overview, not a comprehensive plan.
Continue reading article:
www.llcuniversity.com/llc-for...
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Thanks for explaining this so clearly. Kudos!
You're welcome Brad! Thanks :)
Hey folks, make sure to check the site for most up-to-date information: www.llcuniversity.com/llc-for-a-personal-residence-i-already-own/. Or select your state and start forming your LLC with our free guides: www.llcuniversity.com/
Thank you ! I needed this information!
You're welcome Amee :)
Thank you so much! I really appreciate the valuable information. Your help is truly appreciated, sir!
You're very welcome!
Very helpful thx for this video
You're welcome C!
Thank you. The question was answered in great detail. You forgot to answer the question about a brokerage account. How would you set up or move a brokerage account to a LLC?
Hey Mike, you're welcome. You need to check with the company where the brokerage account is setup. Typically, it would be a different type of brokerage account, usually referred to as a business/corporate brokerage account (as opposed to a personal account). But the nomenclature and process is different at each brokerage. Hope that helps.
I'm a little confused by the video. If the LLC owns my personal residence and my LLC gets sued isn't that a sure fire step to saying Bye Bye to my house? I thought the whole point of owning an LLC was to stop people from coming and taking your personal assets? This video confused but I'm sure I'm the one missing something here since ALL of your content is fab!
Hi Kunle, to be honest, this isn't our best or most helpful video. This subject could have been approached better with a pro/con style video. You're thinking is correct... if the LLC is sued, the house could be at risk. However, if you're sued personally, your house (and other personal assets) could be at risk. Meaning, LLCs can help isolate and separate assets. Having said that, depending on the state you're in, you may also want to look into whether or not there is a homestead exemption (and for how much). Meaning, taking title in your personal name (and having the home be your primary residence), in some states, offers stronger asset protection. Additionally, taking title to the property with a spouse can offer asset protection too. Also, it's important to look into insurance and how that differs between a primary residence owned in your name vs. taking title in an LLC. Thanks for your comment. When we get back to making videos again soon, we'll make a better, more comprehensive version of this video. Hope that helps.
Thanks for the reply. Would that be true also if I am trying to avoid piercing the corporate veil? Are would I need to use a different address and phone number?
You're welcome. Piercing the corporate veil is not done via an address or phone number. Hope that helps.
I live in California and planning to create a Land Trust that I can purchase my personal resident with it. My plan is to establish out of state LLC to put it as a trustee. Which states are you recommending? Delaware, Nevada, New Mexico or Wyoming LLC
or any others with lowest maintenance cost.
Hey John, we don't do a lot with trusts, so it's best practice to speak with an attorney on this. One thing to keep in mind is that CA is very strict (corporate law + tax law) about what constitutes doing business in the state. This article may be helpful: www.llcuniversity.com/california-llc/doing-business-in-california/
Can the LLC own the home and I rent it from the LLC? That way any maintenance and repairs are considered business expenses. Or would it already be since the home you live in, wether you rent it or not is owned by the llc?
Hi Anna, yes, expenses of the home (and your LLC) are business expenses. It doesn't matter if you rent the home from your LLC. Hope that helps.
Thanks!
Thanks Quintin!! :)
Which entity is best for first time wholesalers who have not done any deal yet? Can they operate as sole proprietor until they have enough money in their account to make sense to create an LLC
Yes, you can operate as a Sole Proprietorship if you wish. We have more info on Sole Proprietorship vs LLC here: www.llcuniversity.com/llc-vs-sole-proprietorship-vs-corporation/
What about people who are starting from scratch? What are the pros and cons of having the title deed owned by LLC vs personally.
It's more common for real estate investors to take title in a property for liability reasons.
Dear Matt,
Can you please inform us what form of these (W-9/W8BEN/W8BEN-E) most used for non-residents freelancers who they have a US LLC with EIN and physical US address and the business only in the US providing online services for US citizens and LLC's based in the US?
Thanks in advance!
Hi Mon, we're not fully up to speed on those rules, so can't say at this time.
If we use our entire property for a small plant nursery/ landscaping business, and fruit picking, would we be able to use deductions on our LLC's taxes for improvements to the property?
For example we have berry picking on our property, as well as a few other thing but on days when the ground is wet people don't come so we have considered making improvements to the property by having pathways made and gravel laid or if we decided to expand and have an orchard planted would the purchase of the trees for orchard be deductible?
Additionally, since the business is an LLC and is operating on our land where our house is (which is not part of the LLC), would we need to get insurance under our names and our LLC?
Sorry if these questions are confusing please feel free to ask for clarification.
Hi Louis, there are some differences in the tax write offs, but it's best to speak with an accountant. It's a bit challenging to summarize here. Additionally, we are not tax specialist. In terms of insurance, we recommend asking the insurance agent. You may need more than one type of policy and/or having the LLC listed as additionally insured or getting a rider policy. Thank you for your understanding and I hope that helps.
@@llcuniversity thanks, i appreciate the info.
@@louisv9017 - You're welcome Louis.
If I have a 20yr left loan in the property. Can I transfer to my LLC and Can I make repairs to my house under that LLC, since I plan to rent my house in the future. Thanks
Hey LM, you'll want to look at a quitclaim deed and discuss the pros and cons with a real estate attorney. Regarding the repairs, I'd ask your accountant. Hope that helps.
If my LLC owns a business but is not a business in of itself. Would that make it difficult to rent a home under it ? Also I heard real estate agents say they need to see tax returns of the LLC from the previous year or two but what if the LLC is new. What kind of problems might that present when trying to rent a home under an LLC ?
Hi Diesel, if your LLC is entering into a lease, it all comes down to the landlord and/or the agent and what they are comfortable with. There are no hard and fast rules that say you must provide tax returns (or any LLC paperwork for that matter). It's a matter of working the phone and seeing if they are comfortable entering into a lease agreement with an LLC.
...but don't people usually keep personal property separate from the LLC so that they won't have to give it up in case of an issue that might arise with the company? I mean if your company gets sued of goes bankrupt won't you lose your personal home? Isn't that the reason why we create the LLC.. so your personal assets will be separate?
Good question. In this case, the LLC that owns the property would not be the same LLC that owns the business. Hope that helps.
LLC University So, people create LLCs simply to "hold" assets? If so, is this legal?
Yes, correct. And yes it is.
@@llcuniversity That does not make sense. All the while, I have been thinking if I do my business as LLC, my personal assets outise of LLC are protected. When you operate as a sole proprietor, they can get after your personal assets such as a house you are living in. That was the reason LLCs were invented. If there is law suit, LLC's capital will be affected not your personal house.
@@ShowBizJunkie - What specifically doesn't make sense? I didn't understand the context of your comment.
A mortgage will not impede a llc transfer you will have to do a quit claim deed and records the interest and the transfer mortgage to the llc
You're correct and we're aware. Just wanted to take a more conservative approach for a general recommendation since there are some slight risks if the lender finds out (although rare). We'll consider mentioning this moving forward. Thank you for your feedback!
WHY would I need to protect my personal home with an LLC? I have a homeowners policy that protects me. If I ever had to file bankruptcy is it considered my residence If it’s in an LLC? If someone files bankruptcy I think your personal home can usually be worked out in a bankruptcy but not if it’s in an LLC. Also don’t you lose your homestead exemption if you put your residence into an LLC? It seems there’s much more risk putting your family home into an LLC!!!??? Please respond. Thank you
Hi Krystal, you're right on all of this. Honestly, this video needs an updated version. It's not our best work. And I think it leads to too much confusion. Thank you for pointing that out.
Hi, I have a question. I'm looking to start a air b&b business with my LLC. Can I lease out a potential property and live in it for the time being under my LLC? I was just curious.
Yes, you can do that. You might want to chat with an accountant to see if there are any tax pros or cons.
Hello,
I am married and planning to purchase my Personal Residence in California under single member LLC. What about the 121 exemption if I purchase it under single member LLC?
Hi John, that is a great question. We're not sure. Some research shows it's a bit of a gray zone. We recommend reaching out to a tax attorney to check. Feel free to share any of your findings if you'd like. Hope that helps and thanks for your understanding.
What privacy issues would this contribute to? -having your personal address listed publicly under the LLCs name?
Depending on the state where the LLC is formed, the LLC doesn't need to use the home address in its filing. However, the county/city public records will show the LLC as the owner.
If i have an llc should the address & phone # differ from my home?
"Should" wouldn't be the correct word. I'd say "could" better helps explain it. Meaning, you could have your home address and home phone number be the same as your LLC, but you don't have to. You may also want to consider your privacy. If that's a concern, then a separate address (such as using a Registered Agent's address), and a separate phone number should be considered. I recommend hiring Northwest Registered Agent (www.llcuniversity.com/go/northwest-registered-agent/) for Registered Agent services AND getting address privacy. And I recommend Phone.com (www.llcuniversity.com/go/phone/). If you want even more details, check out these articles on our site: www.llcuniversity.com/llc-registered-agent/ and www.llcuniversity.com/business-phone/. Hope that helps :)
Hi I have a question: I'm planning to open a company in the US (not yet sure if LLC or corporation) as a non-resident. However, this company should be owned by a local corporation here in Switzerland that will exist only in a few months. Is it difficult to change the owner of the company from myself to this other company later? What are the registration fees?
It depends on the state. You may need to file an amendment with the state if Members are listed in the Articles of Organization (or equivalent document). You'll also need to amend the Operating Agreement. There could be tax consequences too, but we're not sure. It may be easiest to wait for the parent Switzerland corporation to exist first. You can check out our website for the registration fees in all states. Hope that helps.
@@llcuniversity Thanks. Is there a particular state you would recommend for non-US residents running an online business selling worldwide with main focus all over the US? I keep reading good things about Delaware and Wyoming. What are the pros and cons of each of them? Also one last thing: After successfully opening a US bank account for the LLC I guess it shouldn't be that much of a problem to get access to a US credit card and merchant account, right?
We like to recommend working backwards from banking... meaning, figure out if you'll open a bank account in the states. If so, you'll need to visit that state. Depending on where you're traveling from, certain states are more of a pain to get to. We have more info here: www.llcuniversity.com/foreigners/open-us-bank-account-llc-non-resident/. Credit card, not sure. Merchant account should be easier though.
Hi, How would you, have your trust get an assume name for banking?
Hi Trruu, we're not familiar with Trusts using Assumed Names.
I have the same question that u r talking about.
but I own my house, no mortgage. Would my business own house and i will be a tenant without paying rent?
Hi Robjudah, the LLC would own the house. You wouldn't necessarily be a tenant, but you could sign a lease if you wanted.
do you loose homestead exemption?
This video does fail to mention the disadvantages. And this is certainly one of them. Yes, the homestead exemption wouldn't apply as the property would need be owned in a person's name for it be applicable. You brought up a great point.
I’m very new to all this but I really want to run a virtual kitchen or kitchen online
What you think about $349 express gold package from legal zoom
Will they get all licenses and permits in California??
We're not sure which licenses and permits you may need. LZ does have a lot of upsells and they will likely sell your data to third parties (depending on the upsell). Take a closer look at their terms of service. You may also want to google search "LLC University" and find our website. We have a lot more info over there that may help. Hope that helps!
LLC University thank you so much for your time 👍
@@cabreracl - You're welcome :)
Hi I have a quick. I’m a single member LLC. How can I reverse the single LLC back to house ownerships. Thanks
Hi Andrew, can you rephrase? I don't understand the question.
@@llcuniversity
Sorry for the unclear questions. Here is my situation. Two years ago I convert my individual house property to LLC . Can I reverse LLC back to individual home owner as before?
@@andrewhuynh416 - Ah, I see. Yes, you'd need to transfer the deed from the LLC to yourself. You can contact a title company for help or a real estate attorney. Do keep in mind though, that there may be transfer tax to pay since title is changing hands again.
Hi, I need to have a resale number to buy and sale ? Do I need a LLC ? And my business is from my house so what do I need ? Thank you 🙏
You don't need to form an LLC in order to get a reseller certificate, however, forming an LLC (as opposed to operating as a Sole Proprietorship) will offer personal liability protection (keeping your assets protected). We have more info on that here if it helps: www.llcuniversity.com/llc-vs-sole-proprietorship-vs-corporation/
Hello i ran an online business under my wife name having our apartment address as a business on amazon but now i form another llc under my name and amazon does not allow same address for two accounts..is there a work around for that? Thank you
Hi Khurram, we're not familiar with all the ins and outs of Amazon, however, you could research if a mailbox rental address is acceptable. It might not be though, and maybe Amazon wants a real physical residential or commercial address. Those mailbox rental facilities are more technically known as a CMRA (Commercial Mail Receiving Agency). Hope that helps.
So would LLC or S corp be better for a personal home?
Hi Kristen, since an LLC can elect to be taxed as an S-Corp, the question is better phrased as "LLC taxed in its default status vs. an LLC taxed as an S-Corp". Electing S-Corp taxation for an LLC doesn't make sense until their is sufficient and consistent net income in the business (to offset the costs and administration of the S-Corp). We have more details here: www.llcuniversity.com/irs/llc-taxed-as-s-corp-form-2553/
Can you continue claiming a homestead rebate? It's actually you owning the LLC.
Typically no, since the property won't be owned by you if it's owned by the LLC. It might not be worth it depending on your state's exemption laws.
Can I form a llc in Delaware and still have my home address/Office protected In a different state?
Hi Austin, we address this here: www.llcuniversity.com/best-state-to-form-an-llc/. Hope that helps.
How about when you sell the property? Do you pay capital gains taxes as a business? Where as an individual does not.
Generally speaking, yes, capital gains taxes are paid. (Capital gains are still paid by an individual; but there is the $250k exclusion, which you're most likely referring to). However, there is still the $250k exclusion that the IRS allows that applies even when the home is owned by an LLC. For details though, and to make sure the exclusion applies to you, we recommend speaking with an accountant. Hope that helps.
@@llcuniversity $250 for an individual and $500 for a couple I think. I’ll check what it is for LLC thanks.
@@cheesun124 You are correct. Here's the IRS link: www.irs.gov/taxtopics/tc701
Hi, I'm thinking or starting an LLC, but I don't own property and rent a room from someone. When filing the paper work for the LLC, can I use the address of the property I rent the room from? Or will I need a more permanent address, like a relatives address?
-Thanks
Hey Colby, the LLC doesn't "need" a permanent address, but I'd recommend using one for your own organization and sanity. If you know you're going to be moving in the near future, why not set up an LLC with a more "stable" address from the state. If not, later, you'll have to file change of address (change of Registered Agent and maybe an Amendment depending on the state) as well as update the IRS and state Department of Revenue. It's a pain doing all that. Hope that helps.
Awesome, thank you!
You're welcome Colby!
Hi! So they don't ask for any document to confirm the address? I am in the same situation. I rent a room into someone's apartment (owned by an LLC) and I want to open an LLC to import and export products. I have no documents in my name confirming where I live (the bank account statement only). Also, I am not an American citizen or resident. I am under the Green Card process but it might take a while. Is there any problem? I would appreciate if you could make some comments.
Hi @@rawironhorse1! Could you open the LLC renting a room into someone's else apartment?
How about the opposite from an Lluc to personal husband and wife ? Thanks
Hi Luna, I don't understand. Can you please rephrase your question?
i own the property outright (no Mort on it) but the property i lease is through an llc which i pay yearly. I dont want my property in llc name i want to make this my primary residence can i do this
If I understand correctly, yes. You can make any place that you own personally your primary residence.
How many LLC can you register per resident
There is no limit to the number of LLCs any person can own.
What about people who work out of their homes? Or want to buy a home to work out of? Im an IBO,so how does this apply to me?
Hi Vee, I'm not sure what you mean by "what about...". Can you ask a more specific question. I'm also not sure what an IBO is. Thanks.
An IBO is an independent business owner. My question is can I buy a home and use it as my business? Can I use one side for the home office and the other portion for my personal living space?
Yes, you can buy a home and do that. You also don't have to buy a home to get the home office deduction on your taxes.
OK, Thanks!
Hello, I have a question. I would like to start a online retail business and work from home. I live with my boyfriend. He owns the house it’s in his name. Would I have the same worries of someone suing and they take my boyfriends house because I want to list his house as my business address?
Hello, no that wouldn't happen. The home would need to be owned by the LLC to be considered property of the LLC. Just because you use a home/building as an LLC's address, doesn't mean that home/building is owned by the LLC. Hope that helps :)
Thank you for your help. Love all these informational videos!
@@beepingbeej - You're very welcome. Glad to hear that :)
Can you used a virtual office for llc and holding company?
For the most part yes, however, some states specifically don't allow virtual offices/private mailboxes/commercial mail receiving agencies to be listed as the Registered Agent address and sometimes as the principal LLC office address.
LLC University does texas allow this?
Hey Bishop, Texas is more strict about this. If you look at Chapter 5 (statutes.capitol.texas.gov/Docs/BO/htm/BO.5.htm) of the Business Organizations Code, do a control + f (or command + f on Mac) and search for "Sec. 5.201". Then look at c(3). "The registered office: may not be solely a mailbox service or a telephone answering service." If you want a great work around though, check out our recommendations on our Texas Registered Agent page: www.llcuniversity.com/texas-llc/registered-agent/. Hope that helps :)
so i know that LLC protects our private assets it seperates the private assets and business, but what if i use my Home adress same as my LLC. will my house be protected if someone sues me or will it not because i use it as my business adress?
Hey Fly, the home would need to be owned by the LLC in order to get the personal liability protection. Just giving an LLC a certain address (whether Registered Agent address, physical address, or mailing address) doesn't "connect" the LLC the property. So no, just listing your home address as the LLC's address, will not protect the home. Hope that helps.
i think i got it. i will be selling some products on amazon and read that LLC will be good to protect my personal assets. so if i set my home address as the LLC address it wont protect my home if someone sues me, because they got hurt using my product am i right?
Ahh... yea, we were getting into a riddle there. Let's back up a bit... if you form an LLC for your business and your business is sued, your personal assets (home, car, bank account, etc) are protected. If you are sued personally (let's say for a car accident), that's a different story. Hope that helps.
Thanks for the help sir!
You're welcome :)
Hey, im applying for an apartment and need an extra proof of income, can I use my LLC for the remaining amount?
The LLC's income is pass-though, so it's income is reported on your tax return. So you might be able to use it.
I have a LLC in a different state but want to open an office in California out of an apartment. Can I use it as a tax write off 100%?
Hi Ryan, you'll want to speak with an accountant about your business write offs. Also, if you have an out-of-state LLC doing business in California, you'll need to register it as a foreign LLC (www.llcuniversity.com/what-is-a-foreign-llc/) in California.
Couple items they did not address. You can't claim the mortgage deduction on your personal taxes. You might as an LLC but could be lesser benefit. If you ever sell the house, you'd have capital gains on the full gain as well as depreciation, whereas there is a very large deduction from capital gains if it was registered to you personally (like 250K self or 500K if married), that can mean a huge tax impact difference. There could also be issues in the fact that you are residing in the house your LLC owns when it comes to things like you not paying rent to the LLC (as you are living there but not owner per se) and whether or not you can really expense things like repairs and other stuff as "business expense".
Excellent points. And to be honest, this video isn't the best (it's over simplified). There are many good and valid reasons to keep a home in your own name. Thanks for your comment and thoughts.
Quick question can I set up a bank account for a holding company without any financial ledger or transactions
Do you mean open an account that doesn't have any history... or that there won't be activity after the bank account for the holding company is opened?
@@llcuniversity yes. Just to have the LLC’s have transactions and contributions/distribution to and from me to the holding company to the LLC’s, I was wondering if bank’s would be able to accept that
You can certainly open an LLC bank account for both the holding company and subsidiary company. In fact, you should to keep the entity's activities separate. You contribute money to the holding company, then the holding company transfers/contributes it to the subsidiary. And the inverse would happen for distributions (subsidiary to holding and then to you, the owner of the holding company). Hope that helps.
@@llcuniversity okay sounds good
2019, does your site provide services, ? I cant find any contact info
We don't provide services at this time. However, we provide instructions on our website so that you can file yourself. We also have recommendations if you want to hire someone. Hope that helps.
What if I use my home as office space for the LLC? Do I need to "rent" space from myself to the LLC.?
Can I?
Hey gViking, you'll wan to confirm with your accountant, but there is already a home office deduction you can use. And you don't have to enter into a formal lease in order to get it. Hope that helps.
@@llcuniversity thank you!
@@GES1985 sure thing!
Can you do the same if youre renting?
Yes, an LLC can also rent/lease a place.
@@llcuniversity great video keep it up and thanks for the quick reply!
You're welcome Red. Thank you!
I'm looking to purchase a fixer upper home for $18000 in the name of my Llc can I sell it to my sister in payments without a bank ? Like a land contract ?
LLC Membership Interest is personal property, so yes, it can be sold in installments to your sister (if I understand your question correctly). You might want to only transfer a portion of the Membership Interest for each payment. Either way, we recommend you work with an attorney to draft the transfer/agreement.
Do LLCs have to pay quartly taxes? I'm currently in the process of becoming a self employed certified personal trainer.
It's not that LLCs have to, but it's that their owners usually do. In their default status, an LLC is not a tax-reporting or tax-paying entity (www.llcuniversity.com/irs/tax-reporting-vs-tax-paying/), but you as the owner are. And as someone who is self-employed, if you estimate that you will owe more than $1,000 in taxes, then yes, you file quarterly estimates. Also check out "how are LLCs taxed" here: www.llcuniversity.com/irs/how-are-llcs-taxed/. Hope that helps.
Will transferring your property to an LLC protect anyone from collecting on baseless claims.
It depends on who they are suing. If they are suing you personally for a personal matter (that has nothing to do with the house), then the LLC doesn't do anything in that situation. You still have to deal with the compliant/legal issue.
I just want to have my house owned by an LLC out of Delaware when I buy it, for the main reason of protecting the public information of my home address. Is that an option? I don’t want people to google my name and be able to see where to come murder me.
Yes, that can be done. Also, take a look at Ohio. You can use the Ohio LLC to own the property and there is no Annual Report (so less to manage as opposed to a Delaware LLC where you'll pay $300 per year).
This transfer of a personal residential home and assets to an LLC has been researched by an Underwriting staff thru three lawyers by my insurance carrier. You should abolutely never have a personal residential home insured (as named insured) on the insurance policy just under the LLC name. At best you should have both the named insured's personal name and the LLC as named insureds. Home policies typically have Personal Liability and Personal Injury coverage. Both of these liability coverages would settle claims that could easily fall under the "individuals" fault, which has nothing to do with an LLC. For example, say the named insured writes a negative review online of a bakery he went to, the bakery loses money, and since the bakery feels there was no validity to the review, the bakery will sue my named insured under their homes personal injury coverage. Guess what, there is no coverage if your home is only in an LLC. You would have to pay out of pocket. Another example, you get into an altercation at a local bar and hurt a customer thru negligence: tripping, bumping into, or a fight. You would be sued by injured party under the Personal Liabilty portion of your home policy. If the home is only in an LLC you would have to pay for this totally out of your pocket.
This is extremely helpful, thank you. You are very right. Insurance details can be very nuanced. And our video fails to address this. Thank you.
what about the tax do i have more advantage to register my record label llc to my wife appartment or is it better to rent an external box mail for my llc address ?
That won't affect your federal or state taxes... assuming both addresses are in the same state ;) Hope that helps.
LLC University yes it is appreciated men .
Another helpful video. Thank you! Hey do you have a business email? I have a podcast I'd love to interview you on!
You're very welcome! Thanks for the kind words and offer. Feel free to stop by the website and reach out via the contact form. It all comes to through the same system.
Okay will do! Thank you
so. is it LEGAL? to LIVE in a house that is owned by a CORP or LLC?
is the GOV going to harass ME by choosing to live in a house like this?
Yes, it's legal. No, you won't be harassed.
I'd use Trust for Personal House
Trusts are great. Hopefully we have more videos about them soon.