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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Home in California Held by Family limited partnership in

Customer Question

Home in California
Held by Family limited partnership in Nevada
Need to transfer from last (sole) partner in the partnership (dissolve partnership)
to partner and wife in California
Any tax and tax base we should be aware of
Submitted: 21 days ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 19 days ago.

No if it is being transferred from the partnership to the owner of the partnership, there is no tax liability and the basis in the property stays the same. Effectively it is treated as a distribution by the partnership, where the owner of the partnership turns in his shares in exchange for the property and that is not a taxable exchange.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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