I am very new to the REI world. I notice several investors recommend placing properties in trusts to protect them. My question is, if you transfer your property to a trust. How can you then take advantage of the property as far as writing it off on taxes, since it isn’t actually in your name?
The type of trust investors normally use is an Illinois Land Trust. It is transparent to the IRS for tax reporting purposes. The beneficiary reports as if it were not in a trust.
The main idea is to keep a low profile and not show in the appraisal records what property you own.
Bud, thanks for the info.