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Old 09-08-2014, 07:50 PM   #71
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Only $10k if it is in cash is required to be reported. Checks are not reported. I don't think most motorhomes are sold for cash. I haven't seen too many Brinks trucks at our local RV Dealers. When a business or a bank receives more than $10,000 in cash they are required to report it to the IRS. The fines are pretty steep for not reporting it so compliance is pretty good or so I'm told. The "cash" business if becoming a thing of the past and now credit card companies are required to report how much each business receives in credit card sales. Not many rocks for the bad guys to hide under anymore!

Now back to the Montana LLC discussion!
I see Brinks trucks leaving the RV dealerships all the time around here. I'm sure it's just a Texas thang. People with money around here are always flashing their Brinks trucks. In regards to the >10K in cash only reported to the IRS, that was the policy at one time. I hear now anything over 10K is reported to the NSA, Homeland Security, FBI, CIA, ICE, DEA, AARP and the PTA. It also gets you on the Do Not Fly list and your phones wiretapped. Of course you can't believe everything you hear on the news or in a public forum. Shocking.
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Old 09-09-2014, 07:25 AM   #72
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I see Brinks trucks leaving the RV dealerships all the time around here. I'm sure it's just a Texas thang. People with money around here are always flashing their Brinks trucks. In regards to the >10K in cash only reported to the IRS, that was the policy at one time. I hear now anything over 10K is reported to the NSA, Homeland Security, FBI, CIA, ICE, DEA, AARP and the PTA. It also gets you on the Do Not Fly list and your phones wiretapped. Of course you can't believe everything you hear on the news or in a public forum. Shocking.

Yeah, but you don't have to worry about it. They've got the e-mails on your activities but they lost them.
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Old 09-10-2014, 09:50 PM   #73
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A lot of states are no longer recognizing Montana, LLC. They are going after people for tax fraud.
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Old 09-11-2014, 01:03 AM   #74
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A lot of states are no longer recognizing Montana, LLC. They are going after people for tax fraud.
Only if you do illegally. There are ways to do it legally.
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Old 09-11-2014, 01:28 AM   #75
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The LLC's I've read about set up the MH as owned by the LLC and then the LLC owners "rent" it from the LLC.
That creates income from the rental property and that makes filing a tax return necessary.
In fact that was how WA pierced the veil and went after a couple. The state was able to show a judge that the rent was too low and required investigating. The judgment was over $25,000. I don't think it was ever paid and the people are now fugitives but probably not on the FBI's "top 10 list"!
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Old 09-11-2014, 06:17 AM   #76
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The LLC's I've read about set up the MH as owned by the LLC and then the LLC owners "rent" it from the LLC.
That creates income from the rental property and that makes filing a tax return necessary.
In fact that was how WA pierced the veil and went after a couple. The state was able to show a judge that the rent was too low and required investigating. The judgment was over $25,000. I don't think it was ever paid and the people are now fugitives but probably not on the FBI's "top 10 list"!

Those folks would also be running outside of the Federal Statutes also as there are some very specific rules regarding self rental. My guess is that these folks got real greedy and also tried to deduct the "losses" from their rental activities.
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Old 09-11-2014, 08:00 AM   #77
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That case sounds unusual and perhaps they were trying to skirt WA law.

In every case I'm aware of, the owners do not "rent" the MH from the LLC. As the owner of the LLC they can use the MH as they see fit. There is no money involved, real or on paper.

Part of the LLC is a document stating that the owner may use the MH and the owner should carry that document with them.

Quote:
Originally Posted by Mr_D View Post
The LLC's I've read about set up the MH as owned by the LLC and then the LLC owners "rent" it from the LLC.
That creates income from the rental property and that makes filing a tax return necessary.
In fact that was how WA pierced the veil and went after a couple. The state was able to show a judge that the rent was too low and required investigating. The judgment was over $25,000. I don't think it was ever paid and the people are now fugitives but probably not on the FBI's "top 10 list"!
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Old 09-20-2014, 04:53 PM   #78
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I am interested in those who have tried a Montana LLC in New Jersey recently. I have thought about this, but do not see a great deal of Montana Plates in the parks.
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Old 09-20-2014, 09:42 PM   #79
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I am interested in those who have tried a Montana LLC in New Jersey recently. I have thought about this, but do not see a great deal of Montana Plates in the parks.

All you need to do is research your New Jersey residency laws and see if you can comply with them and document that compliance. If you can, then you will have answered your own question. I'm going to guess that unless you plan on full timing that you won't be able to comply.
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Old 12-31-2014, 09:38 AM   #80
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LLC Inheritance

Has anyone had a question about passing the RV and or the LLC to your children ?
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Old 12-31-2014, 01:22 PM   #81
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Has anyone had a question about passing the RV and or the LLC to your children ?
I'm neither a CPA nor an attorney, but our LLC lists the boys as minority partners already, and our will allows for them to assume majority status upon our passing.

They automatically assume ownership of everything in the trust without going through probate (according to our trust attorney).
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Old 12-31-2014, 09:00 PM   #82
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I could not use a Montana LLC because I would worry too much about Florida tax folks coming after me, and we want our retirement to be fun. Yes, saving that money would be sweet, but I know in my heart it is a scam. Only you can answer how you feel about bending those rules and chancing a visit from the tax man. Sure, others will argue its somehow okay, and I say to them: go for it. But don't you dare whine to me if it turns to crap.
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Old 12-31-2014, 11:53 PM   #83
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Make sure the lawyer you are talking to has malpractice insurance. If he does then there is a good chance you could make a claim against his insurance. If he told you there is no problem and you have to pay penalties based on his advice that would be malpractice and he would be liable for the penalties and interest. I at least would interpret it that way.

My California lawyer once told me a attorneys liability can be no
greater than the fees you have paid them.

Doesn't seem fair but what in the law is?
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Old 01-01-2015, 08:16 AM   #84
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Why risk the chance of paying back taxes and penalties. If you can afford the MH pay the legal taxes and rest at night. That was our decision after studying Montana LLC's. We live in Colorado!!
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