Title transfer--tax implications

[Marsha Rost]

I have a property under an LLC with four partners. There is no mortgage on the property. The house was purchased in cash. We did renovations and added value to the house. Now circumstances have changed and we would like to dissolve the LLC. We would like to transfer the title to one of the members. It will just be a transfer of title. No money will be exchanged.

As far as taxes, will any member need to pay taxes even if there is no monetary transaction? What are the implications of doing something like that. Is there anything we need to keep in mind when doing this title transfer?

If there are any CPAs here that could help me I would appreciate a referral.

Thank you all in advance.

[Marsha Rost]

@Eamonn McElroy

Thanks. I have scheduled an appointment with a cpa.