Should I Buy My Home Under an LLC? Asset Protection for New York Property Owners - Peter Zinkovetsky

From Avenue Law Firm – Should I Buy My Home Under an LLC? Asset Protection for New York Property Owners explores the legal, financial, and tax implications of using a Limited Liability Company (LLC) to purchase or hold residential property in New York. This episode unpacks why LLCs are often considered for asset protection and anonymity—but also reveals the significant risks and limitations they pose in the Empire State.

We discuss how the "corporate veil" works under New York law and how the two-way liability shield offered by an LLC can protect both personal assets from lawsuits related to the property, and the property itself from personal liabilities. Real estate attorney Peter Zinkovetsky, founder of Avenue Law Firm and a Super Lawyers Rising Star, shares insights from years of representing clients in high-stakes real estate transactions across Manhattan.

Listeners will also learn about the practical roadblocks many homeowners face when placing a personal residence in an LLC—including challenges securing a mortgage, the loss of key tax benefits like the Section 121 capital gains exclusion and New York’s STAR program, and the costs of maintaining compliance under the state's burdensome publication and reporting requirements. The episode takes a close look at legal doctrines such as “piercing the corporate veil,” which can render an LLC’s protections meaningless if the entity is not properly managed.

Finally, we unpack New York-specific rules that can catch homeowners off guard, such as the Real Estate Transfer Tax (RETT), Real Property Transfer Tax (RPTT), and the recently enacted New York LLC Transparency Act, which eliminates anonymity for LLC owners starting in 2026. Whether you're a high-net-worth investor, a first-time buyer, or simply exploring your options, this episode provides crucial context to help you make informed decisions about protecting your home and financial future.

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