Is there a way I can move personal rental property into my new LLC w/o triggering a tax event?

Is there a way I can move personal rental property into my new LLC w/o triggering a tax event?
In General Area - Asked by Donald D. - Jan 13, 2010
Report Abuse
Answer this Question

Answer(s)

Karim A.
Broker/Agent
San Diego, CA

Yes - as long as the LLC is a single member LLC (with you or you/spouse) are the only members of the LLC and the LLC is treated as a disregarded entity for tax purposes. If however, you move/deed the property to an LLC that is a multi-member LLC, then what was ownership interest is real property has now become an ownership interest in personal property, the transfer of which would be a taxable event.
Feel free to contact me if you have any additional questions
Karim
(619) 813-5809

Feb 6, 2010
Report Abuse
Wes N.
Appraiser
San Diego, CA

There are special forms you can fill out when you transfer. Paramount Property Tax Adjusters 858-225-1200

Mar 20, 2010
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question