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Quit claim property to myself
I created a sole member LLC on paper and purchased a property under the LLC's name. I paid for the property with a personal check and never got the LLC an EIN or anything. It just existed by name for a year so now I want to quit claim the property to myself.
I bought for $100,000 and put around $120,000 of improvements. Should the quit claim deed be for $10 since there was never a company and the "company's" basis is my basis as it would have been a pass-through entity anyway?
Or should I quit claim at $220,000 and report something?
‎June 17, 2019
11:43 AM