☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 15, 2021 7:25:38 AM

How do you determine the FMV of a LLC property distribution?

We currently have a small two person LLC that holds a fully paid off investment property. We would like to distribute the fully-paid off property to its owners as a return of capital.

 

 

I understand that the distribution might affect my tax basis in the property. How do I determine the FMV of the property at the time of distribution?

0 1 393
1 Replies
Level 15
Apr 15, 2021 7:45:13 AM

Whenever you need the FMV of property (of significant value) for federal income tax purposes, you should consider obtaining an appraisal from a certified property appraiser.