I’d keep it, do a little cash out refinance if you wanted to regain some of the $, and just rent it out or STR it and make some money on it..Appreciation always goes up, and a few years down the line (and/if interest rates come back down you could pull even more $ out Tax free!)

One additional consideration is that we're in the 35% tax bracket, so if we go with the 30yr option, we could take advantage of the tax savings (~$100 - $250 per month for the next 5-8 years depending on how quickly IRS will increase the standard deduction limits).

My question is, what is the best way to describe this scenario for tax purposes.  

The US Government and the States have but one way to deal with this, taxes.

I'd recommend a background check for any other entities owned by the members with a history of BK, tax liens, etc, and for any UCCs/tax liens currently filed against the entity.

.: I have a main company, that owns a bunch of LLCs, each LLC holds a single real estate asset. 1 of the LLC also acts as a management company for the entire portfolio.Now it creates a problems that with each LLC, I need to file a tax return each year. and so far I am doing them by excel copying numbers from bank statement, which is a nightmare.Quickbook online charges $24 each month in Canada, which really adds up with the number of holding LLCs. and I don't feel like what I require from it justify the cost.

I have just received a draft of my tax return with the schedule E.

I am considering selling my primary right now, which will put $400k into my bank account after fees and taxes made on gains. 

Process, costs, upfront taxes/fees.

My question is how to I do my taxes do I add the vacant property and closing costs or should wait until next year when there’s an actual building?