jdave57
New Member

I am converting an LLC rental property to my primary residence. It is off the market for rental purposes. Do I need to dispose of all assets? ? Using Business addition.

I am converting an LLC rental property to my primary residence. This is the only asset the LLC has. Do I need to dispose of all assets and just dissolve the LLC? Do I indicate that this is the LLC's final return? I am using Business addition so that I can generate K-1's for our personal return. My wife and I are the only members. The short term rental has been taken off the market as of 12-31-2018 and no longer available to produce any potential income. We are making an addition to better fit our needs as our "going-to-be" primary residence.