WPKJen
New Member

Do I have to pay Capital Gaines on a house I live in - if it's owned by an LLC I'm a member of?

Some friends had an LLC, and they rented a home to my husband and I. After about four years, we bought out 30% ownership, but continued to pay rent to the LLC. We've now lived here for 7 years and are ready to sell the house. If we do, do we have to pay Capital Gains taxes on it?