I don’t advise to buy a primary residence throught your LLC:
1. You’ll cause yourself tax problems because the use of the home is income to you and would need to be declared on your personal income tax. The bookeeping complexity is not worth it. This raises a red flag and you might cause yourself to get audited.
2. Obtaining financing may be a problem unless you pay cash.
3. Lawsuits as was mentioned earlier.
4. Corporation may need to declare bankruptcy in the future. Who knows?
5. You loose homeowners exemption for property taxes. $7,000 reduction in assessed value is no big deal however.
6. If you want, you can buy a second/vacation home through corporation. If you make it available to all your employees, then you can justify it as a business expenses. That I would advise.
I know taxes quite well and i can tell you that middle and upper middle class pay a lot of taxes (proportionately) than the rich and the poor. Poor don’t pay much taxes and neither do the wealthiest because of business write-offs and tax shelters.
