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Updated over 2 years ago,

User Stats

9
Posts
4
Votes
Brad Orenstein
  • Richboro, PA
4
Votes |
9
Posts

Home Loan and deed in Personal Names, using LLC to run rental pro

Brad Orenstein
  • Richboro, PA
Posted

In Pennsylvania, We have an LLC with three partners. The property is a triplex and was purchased using non commercial mortgage so it is in one of the partners wife, and the other partner and his wife. Third partner is not on deed or mortgage.

We are selling property, how do we sell it properly to payoff the Loan, then have the proceeds to go to the LLC to disburse to the three partners. What is proper for taxes. Want to split the taxes (gain) to the three partners of llc, not personally of those on mortgage and deed?

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