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!