I'm working through our first year as an LLC, and I have a tax question.
A property that we personally owned was transferred to our LLC via use of a Real Estate Transfer and a new commercial mortgage. All of this was done without money changing hands per se.
So how does one calculate the amount the LLC "paid" for the property? Is it literally $0? TT seems to think I can't do that and enter a prop value that is more than $0.
Thanks!
You'll need to sign in or create an account to connect with an expert.
Who are "we" ? Are you a married couple? If so what state do you live in?
Or will this be a partnership?
The LLC is a Member-Managed LLC that was created last year. We live in NE. Yes, it's my wife and I.
Respectfully, how do the answers to these questions help to define the answer I'm looking for?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Level2training
New Member
kritter-k
Level 1
Frank122
New Member
ksvaradyfi-gmail
New Member
TurtleToo
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.