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QandA1
Level 5
Mar 1, 2024 9:53 AM UTC
Question

...

 

 

    36 replies

    Anonymous_
    Level 15
    Mar 1, 2024 3:05 PM UTC

    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.

    QandA1Author
    Level 5
    Mar 1, 2024 3:34 PM UTC
    No text available
    Anonymous_
    Level 15
    Mar 1, 2024 3:36 PM UTC

    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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