Purchased vacant land - should I set up an LLC?

General Real Estate Investing
1

I recently attended a tax deed auction and purchased vacant acreage right next door to my primary residence. I plan to hold onto it for years to come and wondered if it would be in my best interest to set up an LLC and transfer it out of my personal name.

Is there any tax advantages? I own the property outright - there are no liens. New to the real estate investment game and want to do what is in my best interest.

Thank you in advance for any and all help.

2

There are no tax advantages and as the LLC manager, you would be responsible for anything that happens on the land. If you are concerned about your creditor taking the land, then you could set up a trust to own the property and make someone other than yourself or an entity you control/benefit from the beneficiary.