I was thinking about selling my coop apartment to my LLC, in order to save on maintenance payments. My LLC does not make very much money, My coop requires yearly tax documents to see my income earned, so i was thinking if i put the coop into the LLC name i could save money, as well as limit my personal liability, is this possible?
2007-07-18 02:07:34 · 2 answers · asked by Campo 2 in Business & Finance ➔ Renting & Real Estate
That's not going to save you anything in taxes. And since the coop board normally has the power to approve or disapprove any sale they likely won't approve that one.
What I really find curious is that the coop board wants to see your tax documents. That's quite simply none of their damn business!
At any rate, an LLC is a disregarded entity as far as taxes go so "selling" your coop shares to the LLC isn't going to affect your earned income at all.
2007-07-18 02:28:12 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, I dont think you can, unless you have another personal residence.
2007-07-18 02:10:48 · answer #2 · answered by Mike 6 · 0⤊ 0⤋