The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Selling A LLC||Date: 5/30/2013 12:50 PM|
|Author: brucedoe||Number: 118643 of 125198|
No, a form 709 was filed with the IRS for tax year 2012 which also contained a gift of our former home to the oldest son. The two appraisals (home and LLC) totaled less than $1 million. The gift was made on December 28, 2012. This was handled by a lawyer, local to us (and 250 mi. from the LLC). Incidentally the appraisal of the cottage was a paid appraisal by an appraiser who said that so little lake front property is being sold that it was difficult to make an appraisal.
So far as I know, all this gifting was done legally. At least the lawyer has done a lot of this sort of thing for "old folks."
I have Googled "disregarded entity" and as nearly as I can tell the LLC is one (though I found the language confusing). However, taxes were filed on schedule E and not C. At least taxes were paid and the government was not cheated.
Is it still a mess?
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