Legal Question in Real Estate Law in California

Re: dissolve LLC and take possession as TIC

A dissolved LLC cannot transact any new business, but it continues to exist for purposes of winding up its affairs and liquidating. If it owns real estate, its existence continues as long as it it owned. Thus, you might want to consider continuing to hold the property in the LLC until you find a buyer. I think this would give you a good result from both a capital-gains and property tax standpoint. LLCs vary in the way they are set up for taxation purposes; further, it may make a difference if the property sale will produce a gain or loss, so I think it's really necessary to get an opinion from a tax person who knows, or can go over, the particulars of the LLCs' and its owners' tax positions in person.

Re: dissolve LLC and take possession as TIC

I would suggest that you speak with a CPA or Tax Attorney on this matter. This is not generally a real-estate question, but rather involves very specific tax issues which require expert advice. I strongly suggest that you not do anything until you receive a written opinion from tax counsel.

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