Sam <neverchecked40[at]hotmail.com> wrote:

- quote -

property. A good insurance policy is better, though, if you need to
choose.

- quote -

corporation (including an S-corporation). Talk to your tax advisor
about which would be best in your situation.

- quote -

A deed should work. You should also document that the transfer is in
exchange for an interest in the LLC. Check with your tax advisor to
be sure the transfer complies with section 351 of the Internal
Revenue Coe.

- quote -

Nolo Press (nolo.com) has various books that might deal with this
issue. Your best bet would be to talk to your own tax advisor and
attorney, since everyone's situation is different.

Stu

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Currently I own two homes in my name and hopefully I will be
purchasing a third soon, the first two homes are being rented and as I
move forward I intend to continue purchasing homes for investment/
rental purposes on a very small scale. I think at the most I would
like to have 10 homes, more likely I will end up with 5 or 6.

Below are my questions

Would it be appropriate to form an LLC for this type of business?

How would I transfer my current homes that are owned in my name into
the LLC?

Where can I go to learn more about the advantages and disadvantages of
forming an LLC, specifically in regards to taxes and personal
liability?



Thanks

Sam

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >