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Updated over 5 years ago,

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3
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0
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Matt N.
  • Pensacola, FL
0
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3
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Holding period when transfering from personal name to LLC

Matt N.
  • Pensacola, FL
Posted

My partner and I purchased a property through tax deed sale in our personal names, March of 2018. We have been doing a quiet title for the past year and did not want to put in the LLC name until the court ruled in our favor. The quiet title is now complete. We are planning on building a spec home to resell. We were planning on putting the parcel into our double member LLC. If we quit claim this parcel in to our business LLC now and sell within less than one year from that transfer date, will the gain be considered long term or short term? Basically same owners as the LLC members, no additional members. Does the holding period reset?