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.
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?