Quote:
Originally Posted by CoachKandSportsguy
Ours is owned by a corporation, an LLC.
The Villages does not sell to a corporation, but sells to an individual who then places the house into an LLC to then be operated as a residential real estate corporation.
that's how we did ours from the developer. Of course, we are over 55 so all is fine.
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Does an LLC or a corporation get a homestead exemption? Does an LLC get the profit exclusion on the sale of the home (if qualified)? Does a tax return need to be filed- a corporate return, a partnership return, Schedule E?. In law, LLC's and corporations are considered separate entities.
Have you explored these ramifications?