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Updated over 5 years ago,
Tax Consult Needed for Flip Closing on Tuesday!
I am closing (selling) my first flip on Tuesday. I purchased the SC property though a NC based LLC. The closing attorney sent me a SC Transferor Affidavit Tax Lien Inapplicable form to fill out, for which I must either declare that the assets being transferred are not business assets, OR that less than a majority of the business assets are being transferred. Neither of which I feel like are true. She does not seem to think the LLC would be considered a business but told me to contact a tax professional. I don't even see why it's necessary since they will be with holding taxes for the sale.
Does anyone know of a tax professional that could do a quick, last minute consult for me so I can figure out which tax documents I need to sign to get to the closing table? I don't have one that I work with regularly since this was my first one and I haven't even sold it yet. Does anyone have experience with this?