Selling a Property alone or within an LLC Tax advantage or Disadv

[Kristen Bouvier Scoville]

Tax Question... I have a Commercial Property within an LLC. Tenant wants to purchase. What is the advantage and/or disadvantages of selling with or without the LLC attached for me? Or is there any? Im in New York state? Obviously I will have to pay capital gains but unsure if I sell with the LLC if it will helpmeet or not if if it really doesn't matter. Does anyone have any input on this?

[Thomas J.]

LLC's are pass through taxation. They're set up to separate liability from yourself, but the taxes flow through to you. Corporations with an S election are taxed the same. C-Corporations file a separate return. You can avoid a lot of capital gains with a 1031 exchange.