20 post and the first 3 answered the question. Why do people continue to post the same answers?

Sense of Community partisipation?

Keyboard practice?

Boredom?

Fun? lol

There is no way to stop them. Corporations are buying houses all over America, outbidding individual buyers. Part of the reason why buyers cant find houses. In the future many people will be permanent renters of these corporate homes.

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?

Even a child can OWN in an age restricted community. The restrictions are on residents.

I would not be surprised. I recently saw an article that said almost 30% of home sales in the US last year were purchased by corporations. If you think about this it is pretty scary for our children… Housing markets stay extremely tight due to high interest rates. Boomers won't sell and that squeezes the market. High interest rates are due to inflation, and inflation has been found more times than not to be due to businesses gouging prices. Publix is a prime example. Last year their profits increase to 49% over 2022… And that was a record above 2020.
With high inflation and higher interest rates younger people cannot afford homes. They still need shelter. Corporations are cashing in on this and will turn the next generation into a generation of home renters instead of home owners.....Welcome to the new America!!

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.

To get under someone's skin??? (it appears to be working) :1rotfl::1rotfl::1rotfl:

I highly doubt that is the case here in The Villages. There is no major production plant or any other type of business that a CEO or a executive board member would be flying in to stay long-term. Plus these corporations are buying "multiple" homes not just one, and they are renting them out, usually as long term (12 months or more) rentals.

Corporations
 

Go Villages4rent There are dozens of rentals available from Vine something

Might the LLC information be available when Open Corporates dot com, with no spaces, is searched?

A great accounting quiz, though I would not hold a personal home in an LLC, not worth the complexities, etc. If the home is in active use for a business, which ours is, then the LLC is a better deal for the write offs. The most interesting question is the gain on sale, if there is a gain.

Does an LLC get a homestead exemption?
since it is not our primary residence and we are not FL residents. . i think not. would help though with the average increase in taxes as it is double the rate of the homestead. . .

Does an LLC get the profit exclusion on the sale of the home?
not sure of the reference to "the profit exclusion". Are you referencing the home owner first 250K type gain on sale? I would think not, but not a bridge to cross unless a sale.

Does a tax return need to be filed?
Need to be filed? dunno, but I would think so. We file an a partnership return every year as an LLC.

I hope this answers the CPA quiz. .

Under the corporate transparency act most small llc’s and corporations have to file a beneficial ownership information report to the financial crimes unit Of the us treasury by Jan 1 2025. If new LLC or corp within 90 days of filing. $400 penalty per day

Replying to BrianL99. I think you have that backwards. 80% of residents need to be Over 55. 20% can be under 55 but at least 19 years old.

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