Q: real estate and money/transaction
Hi, so i have a bit of a longer story i purchased some property in florida and i opened a td account so i can do the transaction it was about a $130,000 and i had did a cash deposit for $45,000 after the transaction. I was told since i bought it under my personal name, I would have to pay tax. I just signed a contract for another piece of land which i will be using 42k out of the $45k. I was wondering what I could do to not pay a lot of tax. Im applying for my LLC this coming week so any property i buy it would now be under a LLC so i can have some tax advantage. Any suggesting to not pay so much tax?
A: You would be well served to stop in place, and retain an experienced real estate attorney before you do anything else.
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