The issues are complex. The answer will depend on the type of organization. To receive an exemption for real estate tax purposes in Illinois as a general rule, the nonprofit organization needs to be a charitable or an educational one under IRC 501(c)(3) of the Internal Revenue Code or be a certain type of religious organization. In addition, the nonprofit organization has to apply for the real estate tax exemption with the county Board of Review where the property is located. My suggestion...
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Here is a nice link to a website explaining the IRC Section 121 exclusion for the sale of a principal residence and the use of an LLC as the owner of such a residence. http://www.llcsexplained.com/Can-I-protect-a-personal-residence-with-llc.htm
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