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Updated over 7 years ago on . Most recent reply presented by

Mike Mefferd's profile image
Mike Mefferd's profile image
Mike Mefferd
  • Property Manager
  • from Dayton, OH
  • Member since Aug 20, 2014
  • Posts 38
  • Votes 11
  • Experience 5 Yrs
  • Investments 1
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Mike Mefferd's profile image
Mike Mefferd's profile image
Mike Mefferd
  • Property Manager
  • from Dayton, OH
  • Member since Aug 20, 2014
  • Posts 38
  • Votes 11
  • Experience 5 Yrs
  • Investments 1
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Mike Mefferd
  • Property Manager
  • Dayton, OH
11
Votes |
38
Posts
Tax, SDIRAs & Cost Segregation

Tax Implications of Selling Property from one LLC to another

Mike Mefferd
  • Property Manager
  • Dayton, OH
Posted

I am looking for tax advice if I sell a property from one of my LLC's to another LLC that I own. WIth this sale, it would show $150k loss and I wanted to know if this loss could be deducted on my taxes. Looking for any advice on if this is even legal.

Thanks in advance,

Mike

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Basit Siddiqi
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  • from New York, NY
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Basit Siddiqi
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied

@Mike Mefferd

Hi Mike - How much Profit/Loss/Capital do you own in each of the LLC's?
if the answer is 100% - Then; you may not be able to take the losses on your return.

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