rnehrboss
Returning Member

Sale of primary residence to closely held LLC to step up basis

Hi,

I have a home that's about to become a second home.  It has appreciated approximately $500k.  I'm thinking if quitclaim deeding it to an LLC that I setup.  I might then rent it part of the year.  

Is there advantage to this?   I  believe I can then expense property tax over $10k limit for 1040 and also deduct maintenance and depreciation?

 

Thoughts?

 

Thanks!