[Captainpd]

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

[RoadToad]

Originally Posted by Captainpd

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

[Dgodin]

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.

[Haggar]

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.

google certified lawyer

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?

[Indydealmaker]

Originally Posted by RoboVil

So, I came across a house which is owned by a corporation. How is that possible in a 55+ community?

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

[Vermilion Villager]

Originally Posted by Dusty_Star

I looked at a house that was owned by a corporation. Not an LLC. An actual corporation that owns, sells & rents out housing as its business. I think it was based in California, but I am not remembering the name.

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!!

[Vermilion Villager]

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?

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.

[Vermilion Villager]

Originally Posted by Captainpd

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

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

[Vermilion Villager]

Originally Posted by OrangeBlossomBaby

There are corporations that buy property to use as guest homes. If a board member is coming from another state, or the CEO of the headquarters somewhere else - comes for a periodic long weekend meeting or convention, they'll put them up in those guest homes.

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.

[Villager1234]

Go Villages4rent There are dozens of rentals available from Vine something

[Aces4]

Originally Posted by Altavia

There are reasons an individual may want to establish an LLC for a home purchase.

In Florida, property ownership details are readily accessible through online public records. By buying property under LLC, only the Florida-based LLC will be identified as the property owner, safeguarding in that way, the confidentiality of the owner's investment.

They offer investors, including liability protection, federal tax flexibility, ease of estate planning, and potential probate avoidance.

But there are complications...

A Guide To Buying A House With An LLC | Rocket Mortgage

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

[CoachKandSportsguy]

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?

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. .

[Haggar]

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

[Red Rose]

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.

[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