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How do I take a property out of an LLC?
Hi everyone:
We have a property that we put in an LLC when we purchased in 2018. In 2020 we refinanced the property as a non-LLC, "taking it out of the LLC" because we didn't want to try and get a commercial loan. I'm now trying to figure out how we actually officially do this - most specifically what steps we have to take so that the government doesn't flag us for filing taxes for an LLC in 2019 and then no LLC filling in 2020. Thank you!
Gillian
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#3 Tax, SDIRAs & Cost Segregation Contributor
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#3 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
@Gillian C.
There are added tax complexities when you are transfering title of real estate between members and a multi-member LLC. that makes things a little messy from a tax perspective.
- Basit Siddiqi
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