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Tax Year Prior to 2020: refinance property out of an LLC

1/2/19 I refinanced a rental property out of my LLC into my personal name. The only expense I had for it was 1 months interest payment (which I paid at the closing of the refinance) I had the property for 2 days-do I have to enter the depreciation for 2 days, or can I just put it on my personal taxes for last year and only account for the interest payment as a loss? 

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3 Replies

Tax Year Prior to 2020: refinance property out of an LLC

Question:  What type of LLC?   Single member disregarded entity for tax purposes?   Was it electing to be taxed as a corporation?   An S Corp?    Multi-member LLC electing to be taxed how?

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
VictorW9
Expert Alumni

Tax Year Prior to 2020: refinance property out of an LLC

I will suggest you put the whole amount on your personal. It will be deemed not material enough if ownership was just for two days and for all intents and purposes you are reporting the substance of the transaction anyway. 

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Tax Year Prior to 2020: refinance property out of an LLC

Thank you for the reply- even the interest form 1098 that's under the business name?

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