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We are in process of buying second home in FL--
we will not rent this out
our financial guy suggested we buy in name of an LLC vs our personal names
my husband does not really see any benefit to doing that if we have no intention of renting it out
it would mean setting up LLC (easy but still) and then getting bank account in that name w/checks, keeping utilities/paying bills in LLC,
my husband just sees lot of extra work to keep separate books for something and does not really see any benefit to all the extra work...
We are residents of TX and have no intention at this time to change primary residence
House in in FL
no mortgage needed
any comments/insights from someone who had done this with vacation home?
would the home insurance rate be higher in an LLC or more complicated/difficult to get--
insurance in FL is not tha great anyway
Last edited by loves2read; 04-26-2012 at 01:59 PM..
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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No Financial (tax) Benefit to hold a personal home in LLC (TMK)
some potential disadvantages may include: getting insurance (LLC would need to be named as additional insured $$$) financing or tapping equity (bank will not be keen on lending to LLC, will cost you extra) Additional State filing fees (annually) Cost of setting up LLC
There is no tax benefit. You can get insurance, loan etc, just need apply it with your name (& guarantee) and transfer it to the LLC.
The only problem is you separate the property form your other properties.
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