I posted this on landlord form but got no response.
I thought I would try the legal board.
Thanks,
A question as come up and I would appreciate any help I can get clarifying this.
In Texas,
If I am the beneficiary of a trust and the trustee hires me for the property management, does this mean I must be a licenced broker?
If so, how can I get aroung this?
I want to own property in trust, being the beneficiary, but manage it in an LLC for tax benefits.
Any ideas.
Thanks,
Gary
Wow, I did not expect this would be such a complicated question. I would appreciate any help I can get on this.
I just finished the Lou Brown courses and thought I had a strategy down, only to get it shot down.
Any ideas?
contact TREC in Austin. I have asked them direct questions before and they answer. Then you wont have people on a forum with their opinions, but straight from the enforcing agency.
Are you a beneficiary of the trust? If you are, you don’t need to be licensed. An owner has the right to manage his property and the IRS considers you an owner for tax purposes. [See IRC §163(h)4(D) pertinent to real property held in estates and certain trusts, in which ownership is characterized as personal property]
Da Wiz
Thank you. Both these responses are helpful. I will check with TREC to be 100% certain before I move forward.
Thanks again,
GS