My wife and I have been living in our home for over a year. At some point I’d like to either lease-option it or rent it out, at which time we’ll move. Any suggestions on how to structure and move this into a proper entity setup to protect us if we lease-option or rent?
Thanks,
Rick
A for cost lease option can create an equitable interest for the tenant/buyer, especially if you do something stupid like require maintenance from them. No entity will protect you from this situation and you place the property at risk for very little gain.
No entity will protect the equity in the property. There are some that will create a firewall between personal assets and the property. It really depends on what you own besides the home.
Don’t forget about the potential Sec. 121 exclusion…
What is the sec 121 exclusion?
Thanks,
I have a similar situation, except I’m wanting to buy or transfer my personal home with my S-Corp. Then sale and use the equity for my business. Is this doable? If so anything specific, or treat it just as I would anyother purchase?
Thanks