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Taxpayer wants to give rental townhouse to son
Taxpayer owns an unencumbered rental townhouse on which approximately 50% of original value is depreciated. Taxpayer would like to put son, who is now living in the townhouse, on deed as a co-owner. Taxpayer then wants to jointly obtain a home equity loan for the original amount paid which the taxpayer will keep the proceeds. The son will take the... -
Partnership with properties in LLC name Refinanced had to change Title to Members Nam
Is there any tax consequence on a Form 1065 if the members of an LLC formed in Arizona, (Treated as a Partnership) did a Refinance in 2012 and the Lender requested that they quit claim the properties in to the names of the individual members?
There was no Sale involved. But now the properties are no longer titled to the LLC. Does the...