All Forum Posts by: Tanya H.

@David M. Thank you soooo very much. Your responses were extremely helpful.

Thank you @David M. I believe I understand but I'd like to confirm with you please. By transferring my property from LLC to S-corp, I do not have any legal protection if a tenant were to litigate? Can they go after ALL my assets or just assets under the S-corp?

For tax purposes, it seems like I'll just pay taxes on different schedules, depending on whether it's LLC or S-Corp?

It appears that the tax reassessment is a different discussion altogether, depending on state.  Thanks so much for the advice btw. It's very very helpful

I just want to dissolve the LLC since I only have one rental property in it and I'm paying about $1600/year on extra taxes and tax prep. I was thinking of transferring the property into the s-corp to limit liability in the event of a law suit but it sounds like this is not advisable.

I was told that if I am the sole owner of the LLC, taxes would not be reassessed but it appears that this is not the case?

I want to dissolve my LLC where I am the sole owner with one rental property.

- What are the tax implications if I were to transfer the property to myself?

- What are the tax implications if I were to transfer the property to an s-corporation where I am the sole owner?

Anything else I need to consider?

Thank you