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Along with my wife I have an Llc that owns a building. We…

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Along with my wife...

Along with my wife I have an Llc that owns a building. We just got an offer we can’t refuse (but in a good way!) and they want to buy the Llc not the building (the llc only owns this building). Are there any tax implications (aside from capital gains) that I need to be concerned about if I sell the shares instead of the building?Thank you in advance for any advice.

Accountant's Assistant: Can you tell me what state the LLC is registered in?

Florida

Accountant's Assistant: Has anything been filed or reported?

The Llc was created in 2015, so 3 years of returns.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No ma’am.

Submitted: 5 months ago.Category: Tax
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Answered in 3 minutes by:
3/9/2018
Tax Professional: Lev, Tax Advisor replied 5 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,320
Experience: Taxes, Immigration, Labor Relations
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Indeed - if that LLC is NOT classified as a corportaion - there is no "shares" you will be treated as having assets sale - and will report the sale of the building on your tax return plus other assets included into that sale transaction.

That will be asset sale from tax prospective.

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Tax Professional: Lev, Tax Advisor replied 5 months ago

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