It depends on how this is structured. If the LLC is selling the property and the LLC is not doing a 1031 exchange transaction - then no - you will be stuck with paying capital gain taxes. There are ways to plan for this so that you could do a 1031 exchange, but it does not sound like you have time since the LLC has already received an offer. I would be happy to speak with you if you would like to get into the details.
I have a 20% interest in a Nevada LLC. The other 4 members voted to sell the most valuable property and have received a $1MM offer to purchase. It has been held in theLLC for 10 years. Can I still 1031 my share if the other members are willing to sell and take the tax hit? If so, how could this be accomplished? I have been told this would be very difficult to do.