Transferring LP interest to Personal interest - Tax Liability
Hello BP - I have a question...
Currently, I am invested in a new development syndication as an LP. The funds were invested from my LLC.
Recently, we hired a CPA who advised us to invest from our personal account solely as tax benefits are lost with the future distributions going through the LLC entity.
Now the question... has anyone transferred interest in a syndication from their LLC to personal holdings? If so, what are the tax liabilities that come with that? Is this tax as a sale?
Much thanks!