Advantages of being an LLC...

Foreclosures, Short Sales, Tax Foreclosures
1

The obvious advantage of being an LLC is to protect your ASSets. However in another post people were saying that it gives you tax cuts on short sales. How does being an LLC exclude your company from the short sales tax?

another quickie - If I’ve owned a home for a few years and then sell it, do I have to pay the horrid personal income tax on that money? Only if I put it in the bank?

2

If you’ve owned and lived in the property for 2 out of the last five years, you are exempt from the capital gains on the property…if not, and you’ve owned the property for more than a year, you’l owe capital gains of 15% of the capital gain ‘profit’…

Keith