Hey, buying a first home for cash. Is it worth buying under a new LLC or…
Hey ,
Buys first home for cash.
Should I buy under a new LLC or does it not matter if I buy it under my name?
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Completely unnecessary to work with an LLC and it also knocks you out in terms of taxation.
LLC
If you are single anyway the tax payment is direct on you but you are protected from problems on a personal level (not murder but in relation to the house)
Recommends working with LLC- although there are ancillary costs (set-up cost, annual renewal, cost of filing an annual tax return, cost of liquidation) but this way you are protected from all kinds of shambles.
Make sure with your accountant that he is familiar with the matter of filing Form 5472 for LLC Single Member companies at the annual tax filing.
LLC