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Conversion of Personal Rental Property to LLC

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    #1

    Conversion of Personal Rental Property to LLC

    If you transfer the deed from your Personal Rental Property (for $10), to an LLC, is the transaction taxable? I'm trying to make this change with Proseries Basic. I can't figure out how to end depreciation in Proseries without it being a sale. I have contacted customer support at Proseries to no avail.
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    #2
    Single Member LLC (disregarded entity)? If so, you "disregard" the LLC for income tax purposes. So nothing changes on the 1040.

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      #3
      Yeah but remember if it is a husband and wife it will default to a partnership in LLC land.
      "Dude, you are correct" Rapid Robert

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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