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Investors & landlords
I am not a lawyer. If one spouse should die, would probate really be avoided? What if both die simultaneously?
Is there a mortgage? In whose name - the LLCs? If yes, and you claim the mortgage interest directly on your 1040, you may expect a notice from the IRS because there will be no 1098 issued with with of either of your SSNs. At least some institutions don't issue 1098s when an entity is involved. Real estate taxes could also be an issue. Could the LLC protection be lost if you're paying the expenses of the property personally rather than through the LLC? This is a matter of state law. I agree with @Anonymous_ that there were better ways to set up ownership to avoid probate.
‎December 17, 2023
10:43 AM