Quote:
Originally Posted by Haggar
Bad news. Homesteading only applies to a natural person(s). From what i’m reading llc’s don’t qualify. Llc’s don’t typically quality for the profit exclusion on a primary residence. I would recommend to my clients they put their home into a living trust and get an umbrella policy
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Totally agree. .
Unless there is an active business on the property, with 100% of the goal of the property, I would never recommend an LLC method of ownership for a house for the owners. The shield from liability is not worth the cost for a residential owner.
Kind of like Social Security, if you need it take it, but if you don't need it, don't take it.
AND thanks for the heads up on the beneficial statement requirement.
good discussion.
former finance guy