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Updated almost 8 years ago on . Most recent reply
Minimize Capital Gains on Commercial Building
An LLC was created in VA solely to purchase, own, and manage a single commercial office building in 1999. Each member owns 50% of the LLC. If the members want to sell the building, are they better of selling the building or selling the LLC that owns the building for capital gains purposes (or does it even matter)?
How would carrying a full or partial note on the building affect capital gains? Thanks in advance...
Most Popular Reply
Natalie Kolodij
Tax & Financial Services
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So...this office building has just been a rental this whole time?
You should look into utilizing a 1031 exchange on the building.
Kolodij Tax & Consulting