My wife owned a rental lakeside cottage that was turned into an LLC to protect us against renters suing us (as an added precaution we also had a ballon policy). So the LLC owns the cottage and my wife owned the LLC. She gifted this LLC to the youngest son who is thinking of selling it for retirement purposes. He lives about 600 mi. from the LLC. There are several questions about this:What is his basis? Is it the appraised value at the time of the gifting?Is there any reason he should keep the LLC a year for the sake of capital gains. The appraiser said that his appraisal price was probably a minimum value so there might be some capital gains.Is there any benefit from dissolving the LLC somehow and selling the property as a piece of private property.Should he get the aid of a local tax lawyer or tax CPA (I presume it should be local) to help him with this sale? Or would a local real estate broker do?brucedoe
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS