UK investor buying U.S property via LLC

[mogsie]

I have been investing in Detroit Michigan for the last 5 years and 5 five rental properties. The properties were bought in joint names with my wife. I am in the process of purchasing my first property in Toledo Ohio and the company I am purchasing from is suggesting I should set-up an LLC to protect the asset. It's now got me thinking if I should have set-up a limited company for my detroit properties.
If I do set-up an LLC for the Ohio property - can my michigan properties be transferred to this company or does the fact that they are across different states prevent this ?

Any advice would be appreciated.

 

[totallyproperty]

Hi Mogsie

Many thanks for your post which opens up a very interesting debate - separating your personal assets from your property assets.

I am not an expert in US laws for LLCs but would be interested to hear from others who have experience in this area.

Regards,


Mark

 

[mogsie]

Interesting - since my post I have been advised by my accountant that he does not recommend LLC as there is a downside to UK Tax payers as HMRC consider the ownership via an LLC to be different than a individual owner. ie HMRC do not treat the tax paid in the US as part of the double tax treaty - so could not offset US tax again UK tax.

Does UK US property investors currently operate via a LLC ?

 

[Dakota]

Hi Mogsie, I have spent a lot of time on LLC's. If you want further info let me know and I can email you over details.