I purchased a commercial building using my LLC with money from my LLC. Then created a new LLC and transferred the building ownership into the new LLC. How do I account?

[gregoire6]

Building is paid off now.  Purchase and transfer were all done in the same year.  

[Mike9241]

if you are the sole member of both LLCs there are no tax consequences for transferring from one pocket to the another. 

[Critter-3]

The building still must be depreciated even if you paid it off in one tax year.  You cannot deduct the entire cost of the building on one tax return.