All Forum Posts by: Michael Miles

We are dissolving because we are going to stop renting. Tax election of LLC is partnership, not S or C-Corp

We are considering dissolving our 2 person LLC and transferring our condo in South Carolina to ourselves as co-owners. There is no mortgage on the property. Should we transfer the property, then dissolve or do it all at once. We will not be selling the condo after dissolving the LLC. Are there any tax implications as far as income or capital gains? Thanks, Mike

Hi, I bought a furnished 3 bedroom condo last year in North Myrtle Beach as an LLC and received a notification from the county that I have to pay a personal property tax on the furnishings. I have no idea how to place a value on each item since I don't know the age or original purchase prices. Does anyone know where I could get this information or have a guide themselves? Thanks