topic My wife and I own rental property that we put into a LLC. What basis do we use in the LLc, and do we need to pay an gain on the FMV vs. tax basis of the property? in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/my-wife-and-i-own-rental-property-that-we-put-into-a-llc-what-basis-do-we-use-in-the-llc-and-do-we/01/748609#M33336 Thu, 06 Jun 2019 19:13:05 GMT golfbeach 2019-06-06T19:13:05Z My wife and I own rental property that we put into a LLC. What basis do we use in the LLc, and do we need to pay an gain on the FMV vs. tax basis of the property? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/my-wife-and-i-own-rental-property-that-we-put-into-a-llc-what-basis-do-we-use-in-the-llc-and-do-we/01/748609#M33336 Thu, 06 Jun 2019 19:13:05 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/my-wife-and-i-own-rental-property-that-we-put-into-a-llc-what-basis-do-we-use-in-the-llc-and-do-we/01/748609#M33336 golfbeach 2019-06-06T19:13:05Z The basis of the property contributed is the adjusted bas... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-basis-of-the-property-contributed-is-the-adjusted-bas/01/748611#M33337 <P>The basis of the property contributed is the adjusted basis for you and your wife.&nbsp; Holding period includes your holding period and you need to continue with the same depreciation method and life.</P><P>No gain on contribution under Section 721.</P> Thu, 06 Jun 2019 19:13:07 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/the-basis-of-the-property-contributed-is-the-adjusted-bas/01/748611#M33337 Rick19744 2019-06-06T19:13:07Z