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Updated almost 11 years ago, 02/18/2014
Double Closing (Unique Situation, Maybe?)
Good Morning,
I am looking for advice on something. I turned a primary home into a rental last year as a way to jump back into the REI game. Since then, I was laid off, found a new job, and I have relocated from McKinney, TX to Charlotte, NC. During the relocation, I sold what was my new primary residence on January 31, and I still have my rental. So here is my question, I have been using my LLC to manage the property, and my tenant has shown interest in purchasing the property. Now, is there a way I can double close on the house when he goes to purchase? The double close would be selling it to my LLC and then selling it to the Tenant? My reason for this is to protect the profit from the IRS, as I would like to use the money to purchase a SFR in North Carolina under my LLC's name. Is this necessary, or will I be robbing Peter to pay Paul? I just don't want to get taken to the cleaners when it comes to taxes. Any assistance would be helpful. Thanks!