I have a deal to purchase about 22 acres of land adjacent to my home, the land is zoned rural. Is there any advantages or dis advantages in how I deed the land ? Should I form an LLC or purchase and have it in my name, this will be a cash deal . any advice will be appreciated

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Posted by schexyoung

Deaf Valley

Member since May 2008

6534 posts

Posted on 8/18/15 at 8:28 am to Old George64

quote:
any advice will be appreciated

If you are serious, don't ask a message board and instead seek the advice of a local CPA firm.

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Posted by TSLG

Member since Mar 2014

6724 posts

Posted on 8/18/15 at 8:29 am to Old George64

LINK

All the free help is trying to feed their families right now. :(

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37084 posts

Posted on 8/18/15 at 9:01 am to Old George64

Are you going to want to legally combine it into the land you currently own?

What are you intending to do with the land?

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Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 8/18/15 at 9:07 am to Old George64

Form a single member LLC, and have the LLC purchase the land. Free advice doesn't necessarily include an explanation of the good reasons for doing something. You'll just have to trust my good intentions.

ETA: The LLC will not change how you get taxed on any future income from the land.

This post was edited on 8/18/15 at 9:09 am

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Posted by Old George64

Member since Nov 2014

5 posts

Posted on 8/18/15 at 10:20 am to Poodlebrain

I will not combine it with my current home. I plan to plant a satsuma and lemon orchard in the future. Thanks Poodlebrain

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Posted by yellowhammer2098

New Orleans, LA

Member since Mar 2013

3850 posts

Posted on 8/18/15 at 12:08 pm to Old George64

Don't think it matters how you deed it. Also not sure if Louisiana has this but if they do make sure it is assessed on a "current use" basis instead of a full cash value.

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