How do I take a property out of an LLC?

4 Replies

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

Bargain & Sale Deed, then Quitclaim in order of preference.

Go to title and ask them first.

On taxes, ask your CPA, but a LLC is only a pass-thru, so would it affect you that much?

Realize you take it out of a LLC, you may have put your personal assets at risk as recourse (LLC = Limited LIability Corp)