| Background...I inherited a piece of property that was jointly owned by my father and 4 other gentlemen. In 1997, we chose to establish an LLC and gave up our personal deeds to the property to the LLC in exchange for a share of the LLC. We built a residence on the property and made several capital improvements to the property. I recently left the LLC and took a buyout of my share and was issued a 1099 Misc. 1) What values etc, might I use to calculate a carrying cost?========> Cost basis starts as the original value of an asset for tax purposes, which is initially the first purchase price.but As time moves forward, this cost basis will be adjusted for financial and llc developments such asdividends and return of capital distribution or etc
you alsoneed to determine the value of your share unless there is operating agreement. The valuation can be formal or informal, by hiring a professional to do a valuation or by reaching an agreement amongst the members regarding the value of the withdrawing member's interest. The members must agree on whatever price is set. The remaining members cannot force the withdrawing member to accept a certain price, absent an operating agreement that sets the price or a method of determining the value of the interest in advance. Fair market value is the common valuation method, but determining fair market value depends on numerous facts, such as initial investments, the profitability of the company and the member's role in the business. You may need to hire a commercial appraisal service to arrive at a number.
2) Could I buy a more expensive piece of property and consider it a wash? If so, how long do I have to accomplish the purchase.========>>>> I do not think so;
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