Selling a property from my llc to myself as my primary residence.

[Todd Plummer]

here is the situation...  i bought a single family house to flip, but decided to move there as my primary residence. I need to get a permant mortgage on the property now in my personal name. The current financing is a short term commercial loan.

Can I sell it out of LLC to myself at a loss? I bought it for 132K, have about 200k into it, and want to sell it to my self at a loss at 160k.

Is this legal?  What are the tax issues?

Thank you for any advise you may have.