i own a RV in south carolina. can anyone tell me if its legal in south carolina to form a LLC in montana from my RV to reduce my taxes for south carolina?
2007-06-14 18:53:35 · 3 answers · asked by AMANTILLADO 2 in Business & Finance ➔ Taxes ➔ United States
If the RV is present within SC, SC will tax it. It doesn't matter where the "owner" is located. Doing what you suggest would only cost you money and save you nothing. If you moved the RV to MT and registered it there, then SC could no longer tax it, but MT certainly could if they have a personal property tax on vehicles.
2007-06-15 07:41:21 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Are you saying that you want to have the Montana LLC own the RV so you can then register it in MO and not pay SC taxes? That would be pretty shaky.
Or are you saying you want to claim MO residence by parking the RV in MO and claiming your RV is your main home, so you'd be a MO resident not SC? If that's what your saying, it could be legal, but only if it actually is your main home and you live in it more than half the year. If you have a house in SC, that might be a little unlikely.
2007-06-15 04:12:54 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Are you running a business from the LLC or are you planning to rent the RV (owned by the LLC) to yourself and then deduct those expenses indivudually? You can form an LLC anywhere, but then have to register it to do business in other states, outside of where it was formed. A little more explanation of your goal might be useful.
Also, you can deduct the interest on the loan used to obtain the RV if you itemize your deductions.
2007-06-15 04:28:51 · answer #3 · answered by mac hockey 74 2 · 0⤊ 0⤋