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Q
QandA1
Level 5
March 1, 2024
Question

...

  • March 1, 2024
  • 36 replies
  • 50 views

 

 

    36 replies

    A
    Anonymous_
    Level 15
    March 1, 2024

    If you're holding the property as community property, then the Rev. Pro. is applicable notwithstanding the fact that the property is located in a common law state.

     

    Your actual interest in the LLC (membership) is personal property; the LLC is the entity that owns real estate.

    Q
    QandA1Author
    Level 5
    March 1, 2024
    No text available
    A
    Anonymous_
    Level 15
    March 1, 2024

    Not sure why not:

     

    Section 4, .03 reads:
    .03 A change in reporting position will be treated for federal tax purposes as a conversion of the entity.

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