My partner and I own a fully paid off property in an LLC. The LLC is incorporated in NC, but the property is located in South Carolina.
We would like to create a LLC in South Carolina and transfer the property from the current LLC to this new one. The ownership interests in both LLCs are the same.
Are there any transfer taxes or reassessments that we should be aware of? I’m hoping this would be a smooth process but any guidance would be greatly appreciated.
You will take it out of service on the first LLC and enter it as an asset on the second LLC ... I highly recommend you seek local professional assistance to make sure there is nothing more the new state requires.
This TurboTax forum is for questions about income tax. (And Critter-3's response tells you how to handle it on your income tax return.) We can't help you with transfer taxes, real estate tax assessments, or other types of taxes. Check with the local taxing authority where the property is located, or with a South Carolina real estate lawyer.