I was wanting to know if anybody knows anything about deeding my personal residence into my LLC?
I have about $20k in equity that I can't touch due to my current credit rating. So I thought about deeding my house to my LLC and then using my LLC's EIN# to refinance it and pull out the equity or just use it as collateral for loans to make real estate deals. I would also use it to help establish business credit for my LLC.
Does this make sense?
What are the tax implications for doing this?
Any help would be greatly appreciated.
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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