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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111550
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I formed an LLC with my son to purchase a condo in Beach.

Customer Question

I formed an LLC with my son to purchase a condo in Virginia Beach. The LLC has expired and is no longer a legal entity. I am selling the condo. Am I going to have a problem with the title or selling the property?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 5 months ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You are going to have to bring the LLC current and active in order for it to sell the property under the LLC. Of course, if you do not bring it active again, then the property reverts to being held by you and your son as a partnership and you both have to sign and will both get a 1099 for your share of the profits for capital gains. So you have the option to reactivate the LLC and sell as the LLC where you can have more deductions or you can sell with both you and your son signing as partners and getting a 1099 to pay your share of any taxes due.

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