Quit Claim Asset

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  • anu31402
    Senior Member
    • Aug 2006
    • 101
    #1

    Quit Claim Asset

    I have a new client who bought his 2nd house for $715,000 in 2007. Schedule E was prepared in 2007 return. In 2008 he tranferred the property to a disregarded LLC he set up. Please, what is the proper treatment for this property in 2008? I would appreciate references if possible.

    Kay, EA
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      Well, if it is still rental property, you continue the Sche E and it goes on his personal tax return as the LLC is disregarded.

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