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Old 10-20-2016, 11:30 PM
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What happens to tax when you transfer from real estate from your LLC to personal

Hi, I just have a question regarding real estate properties I owned under a LLC. Since I've recently gotten a loan and had to transfer the real estate from my LLC to my personal name, do I have to file the taxes of the property under my personal name at the time it was transferred? Or do I still stick to filing it under the LLC? Does it make a difference whichever way I do? Thanks for the help!



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Old 12-02-2016, 12:03 AM
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Real Eatate Taxes - LLC to personal

Hi,

You most likely changed the deed with the county clerk's office from your LLC to your personal name. As such, you "distributed" the property to yourself and should now report it on your individual tax return. The LLC no longer owns the property, you do. Having said that, since it sounds like it was a single member LLC - no tax impact - still ends up on your individual tax return.



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