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Business & farm
No, there is nothing to report since you and your wife are related parties to the LLC. In other words the actual ownership only changes between related parties and there is no sale taking place.
The assets in the LLC will become zero and now belong to you and your wife. Keep all tax records as it pertains to the house or any LLC assets for a future sale, specifically any that used depreciation while part of the LLC. You will need any and all details at that time.
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‎January 29, 2025
8:18 AM