
08/29/2024
IMPORTANT if you have property in an LLC or are planning on purchasing in the name of a legal entity. New rule from the Treasury's Financial Crimes Enforcement Network (FinCEN) in an effort to combat money laundering in real estate, may help make housing more affordable. It will require reporting of cash sales of residential real estate sold to legal entities, trusts and shell companies. They will also have to include names of the sellers and individuals involved and details of the property being sold and payments, among other information. Deadline to report is January 1, 2025. https://www.yourvalley.net/stories/new-us-rules-try-to-make-it-harder-for-criminals-to-launder-money-by-paying-cash-for-homes,530951