I will add some commentary and possibly a few questions:
- I agree for tax purposes there is no such nomenclature "single entity LLC"
- Not sure who or what document used that description, but that is really not relevant for tax purposes.
- This just sounds like some Fannie Mae lingo that they came up with to indicate that the entity is only allowed to own one property
- A few questions
- Who owns what you are calling a "single entity LLC"?
- Does your original multi-member LLC own this entity?
- Or do you and your brother own this entity separate from the original entity?
- Did you obtain a new EIN for this entity?
- What did you call this entity if you completed a SS-4
- What box did you check on a SS-4 line 9a?
- Who helped you set up this structure?
- Does this new entity have a new legal name?
- What is the name on the deed?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
