1st Deal Tax And Capital Gains Question
I will be closing on my first rehab property on Sep. 26th. Due to my LLC being new and having very little credit history, I opted to finance in my name. I will have an interest only, 6 month, 1 pay loan. Rehab should take 4-6 weeks and will be priced to move quickly. My question is this. Tax-wise, would it be better to sign the contract and/or assigns and then assign it to my LLC? Also, I realize that I will be taxed accordingly for capital gains, as I will (hopefully) be holding the property 6 months or less. What options might I have to soften the blow. Nutshell, How can I keep the most money? I realize that the opinions on this site should not be taken as the gospel, and I will be contacting my tax pro tomorrow, but I just want to be pointed in the right direction with the right mindset. Advise please. SSL
Thank you for the response,will do.
You may also need a partition law suit to force the sale of the property and equitable distribution of the sale proceeds.