Moving a property to LLC

[vishgala]

I am trying to move my property to an LLC. Recently acquired not yet rented out. Already talked to the mortgage and they are fine as long as I am more than 50% owner of the LLC. If i decide to add in partners . How do i show that they are buying a stake by providing some of the expenses I have encountered so far. And how can i deduct the mortgage interest agains the LLC income ? 

[vishgala]

I am trying to move my property to an LLC. Recently acquired not yet rented out. Already talked to the mortgage and they are fine as long as I am more than 50% owner of the LLC. If i decide to add in partners . How do i show that they are buying a stake by providing some of the expenses I have encountered so far. And how can i deduct the mortgage interest agains the LLC income ? 

[tagteam]

Do you already have other members in your LLC? 

If so, you will have to file a Form 1065 for the LLC. Further, you should consult with a local tax professional and, perhaps, legal counsel.