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Sean Patrick Clancy

Sean Clancy’s Answers

2 total

  • I have a not for profit organization .I want to buy building for that purpose .Is the property tax automatically exempt ?

    what is the best way to exempt for property tax . H ow hard it is ? can I do this with out an attorney and how long its take?

    Sean’s Answer

    • Selected as best answer

    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 would be to contact The Law Project, which is a nonprofit organization that assists other nonprofit organizations with these types of legal issues. See link below. If your organization is already exempt with the Internal Revenue Service, the process will be shorter but will still depend on the county. But, if you need to apply for tax exempt status for 501(c)(3) still, you should expect the process to take several months with the IRS.

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  • How to still get home sale capital gains tax exemption with condo in LLC?

    Assuming I qualify in every other way for home sale capital gains tax exemption such as: 1. Lived in home at least 2 years of the most recent 5 years as my primary residence. 2. Home sells for no more than $250K. I can stil...

    Sean’s Answer

    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.

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