Montana LLC Re-Visited
Hi guys, I recently spoke to someone who became a full timer and the conversation was interesting. He told me that he sold his home in New York and set up a Montana LLC. He then purchased a new MH...
Forum Discussion
Effy wrote:
I do find it a bit funny that a lot of the staunch supporters of this, and claim there is nothing wrong, it's all legal and no different than leveraging any other loophole, and it's morally positive, have not excercised this ingenious plan themsleves. Speaks volumes. If it's all legit, legal and easy, provided you follow the letter of the law, why isn't everyone doing it? After all, we all do the interest deduction.
..Like already said, because most of us are not full-timers, so this approach would not work.
Personally speaking: I don't ever plan to spend six figures on ANY depreciating asset (like an RV) in this lifetime. Working 'stiffs' like me with a family to support can't afford to sink that much $$ into a luxury item, haha.
That being the case, the taxes on any RV I purchase will never be significant enough to make this LLC thing worth the hassle. Thats why I don't do it. Tthat, and like I said before, I'm just too chicken/paranoid to try something like that, even though it can be done completely legally.
I'm sure there are zillions of other perfectly valid reasons as well, why most folks don't do this.
Will
