Hi , how do I report my initial contribution to irs if I trf my own house to my smllc in tx? We do not have state trf tax. But is contribution is taxable event if I trf my house to my smllc? And how do I report my next contribution to my llc? What are tax consequence? And what are the basis of the house?
For instance, if I inheriate a house via death deed in tx,then I trf the house from my name to my smllc, what are tax consequences n basis of the house? And what is the basis if my llc sell the house later?
My second q is: will distribution from smllc be taxable event? If i sell my house under my smllc, what are tax consequence n what are my basis? And can I put rental income with my personal account n pay to buy new house to be under my smllc or for personal use?
My third q is about series llc. What are tax consequences if I trf the house from series 1 to series 2 under the same master llc? Internal trf real property tax consequence.
- My fourth q is about joint tenancy with survivorship. What are tax consequence if I inheriate the ownership of the house which I jointly own with my parent,who pass away now. Do I need to pay tax after I can take my parent's ownership of the house once she pass away via joint tenancy with survivorship ?
- My 5th q: what are non taxable co tribution n distribution to smllc n from smllc?
- Thank you all so very much.
- Sincerely,
- Pei kuo
