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Updated almost 7 years ago,
Tax impact on Hard money - refinance - selling property
Hi, I have purchased a 3 unit multi fam property under LLC (50/50 partnership husband and wife in NJ which is Non-community state) and financed (100%) through hard money lender(personal guarantee). After the rehab was finished we did a quite claim deed to personal name since that was the only way bank can refinance the loan as conventional investment loan. We now lsited the property for sale and we currently own it under our personal name after refinance. (so LLC does not own property
What are the tax impacts? I have met several CPAs but they say they are not sure. rehab cost was big due to contractor causing delays here and there so I am not expecting much return but at least I wanted to understand potential tax impact