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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!
‎November 16, 2022
1:51 PM