How To Hide Properties From Showing Up In My Name
I own several vacant lots and i still send out letters wanting to buy more. My letters don't sound like I am an investor, but if you look up my name in the area I am investing in, you will see that I own several vacant lots and a rental home. How can I get these properties to NOT look like I own them. A trust, an LLC? I buy these properties with cash, except the rental I do have a mortgage on in my name. :-?
LOL.
Never say you're hiding assets. The IRS or lawyer could have a field day with that.
Instead, your transfering them into a more tax efficient structure.
I personally like LLCs, but I suppose it depends if these throw off cash, just capital appreciation, etc.
a good attorney or CPA would be worth it.
I had the luck of finding a lawyer that is a CPA; one stop shopping.
I would simply form a LLC for about three or four hundred dollars depending who does it, and when you purchase lots or property's, put them in the name of the LLC.
thank you for the responses. i don't want to make the purchase in my LLC name because I don't want the seller to think that I am a professional investor, just a mom looking for land instead.
Can I just put them into my LLC after I purchase them? I can make my LLC sound family like I guess though.
Quit claim it to the LLC for no gain...then you have no individual taxs to pay... I just did this last yr on a property I bought for $35k and sold for $672k. I ended up with no gain because I gave it to my LLC w/o gain then am positioning to do a 1031 exchange into an income producing property.
good luck
You'll get plenty of opinions here on what to do, so good, some not so good.
If you want the right answer, then talk with both your legal advisor and tax professional, and they can tell you what will work best for you in your particular situation.
Roger