All Forum Posts by: Ricardo Diaz

Thanks guys for the insight. I will be speaking with someone about it. And Dillon thank you for your input and amount of info. That’s definitely above my pay grade. Thank you again 

Hello. I think I’m in a tricky tax question and before I ask someone I wanted to get an insight from members. 
I refinanced an investment house into a two partner llc which I am one member. We received money and sits in bank account. I took some money out and find out I will pay taxes on it. 
so now I have a big chunk of money in there that I will pay tax on.  Now I will be selling the house and dissolving the llc.  
now what is the best way or creative way to have that money and the money from the sale and not get taxed hard or not at all. Can I roll that into another llc for a future investment. ???? Thoughts 

Yep learning the hard way. Did not consult with a professional as to what would be the tax benefits. And now since I want to dissolve the llc and sell the house almost 3 years later i have to ask what is the best way to not pay taxes because I do want to put it into another investment.  Believe me I have done couple things without consulting with someone who knows. 

Thanks Randy. I’ll have it looked at in the mean time 

To follow-up- The house was bought as an investment property under my name. A cash out refinance was done two years ago, and switched under an LLC. When do I have to pay capital gains on an investment property? Is it not like personal property where capital gains is not paid after 2 years ownership?

Wow that is what I was afraid off but thank you for explaining it to me and yes that is what I did. Changed it to another entity. Damn. Well that was a bust. 

I have a a tax question. I cashed out refi a property under my name into an llc for me and my partner. We took money out and left it into the account.  Now I took money out and my accounts tells me it will be taxed. I thought debt is not taxable.  

That’s awesome I will have to do that.  Thank you 

Yes that’s what I’m learning and learned from bigger pockets. How was I given the wrong info idk. But I was pretty sure I could do that and repeat process after two years.