Posted on: 26th Dec, 2010 11:56 am
i am dissolving a llc i had established to hold rental property.
i am now down to two properties and intend to dissolve the llc.
can i use a quit claim deed to transfer the ownership to myself?
if so should i transfer the property for the cost basis the llc has in the property to prevent me from paying capital gain taxes later?
i am now down to two properties and intend to dissolve the llc.
can i use a quit claim deed to transfer the ownership to myself?
if so should i transfer the property for the cost basis the llc has in the property to prevent me from paying capital gain taxes later?
Welcome Brianware,
As far as I know, you'll be able to use a quitclaim deed in order to transfer the property from the LLC to yourself. But it will be always better if you could contact an attorney and take his opinion in this matter.
The capital gains tax will come into question when you sell off the property. If you receive any profit from the sale of the property, you'll be liable for paying the taxes. You should contact an attorney and he will let you know whether or not you should transfer the property for the cost basis.
As far as I know, you'll be able to use a quitclaim deed in order to transfer the property from the LLC to yourself. But it will be always better if you could contact an attorney and take his opinion in this matter.
The capital gains tax will come into question when you sell off the property. If you receive any profit from the sale of the property, you'll be liable for paying the taxes. You should contact an attorney and he will let you know whether or not you should transfer the property for the cost basis.