Q: Business Tax ID question
I formed a business consulting company in my name earlier this year. My husband is under contract to purchase a rental property in the city of Inverness Florida Soli in his name. Can he utilize my business tax ID number to rent out that property? The city of Inverness requires a business tax ID in order to rent properties
A: It sounds like your husband can create an LLC or other corporate entity, receive a business ID tax number (EIN) from the IRS for the LLC/Corp, and have the seller execute a consent to the assignment of the real estate contract to your husband's new LLC/Corp. That way, your husband remains in contract, your husband gets some asset protection pertaining to the rental property, and he can comply with the city. Contact a real estate and/or business attorney to draft the documents, create the corporate entity, and make sure you are in compliance.
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