Question About Tax On Flip And Llc
My mom and I have a property in our llc that we will have to transfer to our names to take out some equity.
How will the expenses and such be handled here on out if the property is now in our names when it really belongs to the LLC?
Usually income and expenses can be nomineed over to LLC. This means it does not matter how the property is titled, the IRS generally does not care as long as you report the income/expenses. Hope this helps