Lawyer created husband+wife partnership LLC and transferred (sold for $5 each) two previously owned (owned by husband+wife) rental houses into LLC. It's correct that one can basically ignore (that is, disregard) stuff in single-member LLC.
I knew I was in trouble when I told TurboTax that I sold the rental houses and it calculated taxable depreciation recapture. So, I dug deeper. My limited understanding is that when you sell property to yourself (as we did and same people still retain control), there are no capital gains if you enter the correct data into the correct spaces on the correct forms. Like the old mechanic said, "I charge you 25 cents for tightening the bolt and $49.75 for knowing which bolt to tighten and how much to tighten."
