Posted by JOHN K HASLACH, CPA, MST on October 27, 2004 at 08:36:40:
Contributing property to a partnership/LLC is generally tax free. However, if the partnership/LLC assumes any of your liabilities (the mortgage) you may have gain. You should really work with someone who is very comfortable with Subchapter K of the IRC.
Sold to LLC Partner instead of Re-fi…Cap Gains?? - Posted by kellyd
Posted by kellyd on October 27, 2004 at 06:40:33:
I am currently “selling” a property that is held in my name to my LLC partner. We are doing this because, selling to my partner allows us to pull ALL of the equity out. My question is: Am I personally going to have to pay capital gains on this “sale” because the mortgage was in my name?.. even though the down paymnt and mortgage pymnts were paid by our LLC, and the new loan will also get its down payment from the business and flow its rental income directly into the business. Any ideas or comments would be great!! Thanks
Sold to LLC Partner instead of Re-fi…Cap Gains?? - Posted by JOHN K HASLACH, CPA, MST
Posted by JOHN K HASLACH, CPA, MST on October 27, 2004 at 07:51:17:
Sounds to me like you are contributing the property to a partnership in which you have an interest?
Sold to LLC Partner instead of Re-fi…Cap Gains?? - Posted by kellyd
Posted by kellyd on October 27, 2004 at 08:11:56:
Yes, I am contributing a property to a partnership in which I have an interest. What does that mean? Thanks for your reply:)