In January of 2023, my father unexpectedly passed. As a result my two sisters and I inherited his share in an LLC alongside our uncle and aunt who inherited her share from my other uncle who also passed.
The business of the LLC is a triple net property with a lease to a national sandwich chain. Property was appraised and listed for sale at some point in 2023. Never sold over the year it was contractually listed for. Earlier this year my uncle bought our shares based on the property value of $450k. That matches or is close to the appraised value in 2023. My mom would be able to tell me additional details as my father managed the LLC and she knew a lot by proxy. That leaves me with an additional $65k of income from my purchased share.
- How will this be taxed? Does it get added as an additional $65k of long term capital gains? Is there a step up basis?
-Should I pay the IRS now? Should I hire a tax pro this year? I have money in savings I could replenish.
-Any details I’m missing?
Our 2025 return will be a standard deduction, married filing jointly in FL so only federal tax to worry about. Only oddball is this.
Sold inherited share in LLC, trying to understand tax burden
byu/ryan_james504 intax
Posted by ryan_james504