jdoeslash
Returning Member

What are the tax consequences of transferring a property from a two member LLC to one of the owners?

My partner and I currently have a two member LLC. We hold one small property in the LLC, which is fully paid off and on which we currently have about $5000 of loss due to renovations. We would like to transfer the property to either one of us, in our personal name. Is it possible to do this transfer tax free? The LLC is currently taxed as a partnership.