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Lane: I forgot an important issue. The llc I use to hold my…

Hello lane:I forgot an important...
Hello lane:I forgot an important issue.The llc I use to hold my title has a bit more situation: the llc used to belong to JL 75% and me Wx 25%. It used to own a land , we sold the land at the beginning of 2017. So the llc has no asset at all. Since I want to keep this LLC, but JL doesn’t, she agreed to sell her 75% to my family trust for $750. Me-Wx sold my 25% to my family trust. My family trust became the sole member of the LLC. But this also happened also in 2017. How my llc file 2017 tax return?If I know these things earlier, i wouldn’t let my family trust buy the llc. I have no intention to escape tax, I wish I ask this before.Here attach my llc amendment and LLC document for referenceThe only reason why every thing happened like is, is because when I purchase my property 17 years ago, I don’t to use llc for protection.
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Answered in 13 minutes by:
3/22/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,012
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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The trust is also a disregarded entity if it is an irrevocable trust.

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Only IRRevocable trusts (where there is a different tax ID and it files it's own tax return - IRS form 1041) are separate taxable entities treated as someone other than you for tax purposes.

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Has your 1035 accomodator seen the titling?

And remember this is ALL for tax purposes (deferring capital gains)

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Customer reply replied 1 month ago
Iane,I don’t understand your question, what titling?

The deeds. The ownership of the property being exchanged.

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It's a VERY safe bet that, if they know what the ownership is, they wouldn't touch this unless it qualified.

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A family trust that is NOT an IRREVOCABLE trust changes nothing.

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For tax purposes, it's owned by you

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Customer reply replied 1 month ago
I agree. I told 1031 accommodator about this , provide her same documents as I provide to u. She is fine with it.But I made things harder. In 2017, the llc belongs to two members. At the end of 2017, it is sold to my trust as sole member. So how I file 2017 tax return for the llc? Or it doesn’t even matter now?Thank u

Same exact issue. As long as you only report the portions that YOU own (your LLC, Your revocable trust, or you - it's all the same) you'll defer whatever gain those numbers drive.

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Customer reply replied 1 month ago
Lane,I m sorry I think u don’t understand my question.I total understand the 1031 exchange now. But my question is not about this.My first llc called jv. has 2 members (75% and 25%) in 2017. Then both members sold their share to my family trust (100%) late 2017. Meaning in same year, JV’s memeber changed. So how jv files it’s tax?

OIC

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JV files a form 1065 partnership return. LLC's with more than one member are taxed as a partnership unless a form OF corporate taxation is elected.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,012
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane
Lane
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Category: Tax
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