Whats my orginal Cost or Basis

[Darshan Patel]

I was trying to wrap my head around what my tax basis would be for a property. Because i refinanced it from my LLC (multimember to my name), and sold it in few months, what would be the property original cost basis?

Would it be the actual cost of property when LLC purchased it or the new loan amount when it was refinanced?

Also once it refinanced into my name, does the time reset for it to be considered long term capital gain/loss?  

Purchased property for 60,000 (6-2017), HML loan was for 78,000 with about 50k in closing cost(including down payment).

When it was refinanced, the new loan amount was about 145,500  with about 57k cash out.  At this point its in my name, and sold it for 178k (with 7k seller concession) (10-2018). 

Thanks again

Darsh

[Eamonn McElroy]

Agree with what @Michael Plaks is getting at.  There's no where near enough info here to make a determination.

Is the LLC filing a partnership return? Or is it a qualified joint venture? Why was the property distributed to you and sold? Who was on the hook for the old loan? Was that distributed to you as well?

If LLC is taxed as a partnership: Was it a regular distribution or a liquidating distribution? What was your outside basis? What was the inside basis of the real estate asset?

There are a lot of moving parts.  What does your tax pro have to say?