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Investors & landlords
Are you the only member of your LLC? If yes, then generally, transferring property into a single-member LLC will have no tax consequences. Single member LLCs for tax purposes are not treated as separate from their owner/member. Therefore, from a tax perspective, the SMLLC will complete a Schedule E or a Schedule C depending on the owner's material involvement in the real estate activity.
If your LLC has multiple members, there could be tax consequences if the value of the property transferred to the LLC is greater than its cost. In that situation, you could be transferring a potential capital gain tax liability to the members of the LLC.
@jimmcfarlane
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‎January 30, 2023
1:33 PM