Quote:
Originally Posted by Haggar
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?
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An LLC could get a homestead exemption depending on how the principles have it set up. I doubt very much a corporation could get a homestead exemption. One of the stipulations of the homestead exemption is you have to be a resident of the state and this has to be your "primary" residence.