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What are the tax consequences of selling my LLC instead of the property?
An entity transfer avoids transfer taxes and mortgage recording taxes - potentially saving hundreds of thousands on high-value properties. However, the buyer assumes all liabilities within the LLC, which most buyers resist. You also lose the stepped-up basis benefit for the buyer, which can reduce your pool of interested purchasers. The IRS may also recharacterize the transaction. Consult your tax advisor before choosing this route.
From the seller playbook: Selling Through an LLC or Trust
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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