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Question about purchasing a camp
Posted on 2/22/16 at 3:21 pm
Posted on 2/22/16 at 3:21 pm
I along with my dad and two friends are looking at purchasing a camp centrally located to a 90000 acre management area. I have a few questions for anyone with experience in these types of purchases.
1)What would be the better scenario tax wise and ease of transaction?
A)One of us purchase and have the other three just pay that person.
B)Form an LLC with 4 equal shares and purchase that way?
2)Are there benefits to any particular type of loans for this sort of purchase? (somewhat like a vacation home that will only be used ~5 months out of the year)
Any other tips/tricks would be greatly appreciated.
1)What would be the better scenario tax wise and ease of transaction?
A)One of us purchase and have the other three just pay that person.
B)Form an LLC with 4 equal shares and purchase that way?
2)Are there benefits to any particular type of loans for this sort of purchase? (somewhat like a vacation home that will only be used ~5 months out of the year)
Any other tips/tricks would be greatly appreciated.
Posted on 2/22/16 at 5:40 pm to stein_burgundy
How large a purchase is this?
Posted on 2/22/16 at 7:36 pm to stein_burgundy
quote:
A)One of us purchase and have the other three just pay that person.
Don't do this
Posted on 2/23/16 at 9:32 am to wickowick
$40000 for camp and the lot its on.
Posted on 2/23/16 at 9:49 am to jimbeam
That would be ideal if we all had the cash to do it.
Posted on 2/23/16 at 10:00 am to stein_burgundy
LLC is the way to go....unless you want your friends to become future ex-friends.
Posted on 2/23/16 at 10:41 am to LSURussian
quote:
LLC is the way to go....unless you want your friends to become future ex-friends.
Honestly, a 4 way co-ownership is probably OK for this. Getting insurance for an LLC will be more expensive.
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