JJ Luna

Selling House in LLC name

Submitted by:
Ok, I don't see any problems with buying a house in the name of a LLC. However, when you get ready to sell wouldn't that be taxable income to the LLC. Would the escrow company send me(3rd party) the funds from such a sale?? I would think they would want to send the funds to the LLC. Any help would be appreciated.

JJ Luna Responds:

My attorney says that in the case of a single-member LLC, the LLC name is not even mentioned. Any gain is shown on your personal tax return.
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