Conversion of Personal Rental Property to LLC

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  • S&D Associates
    Member
    • Jan 2008
    • 91
    #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.
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2324
      #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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        • Dude
          Senior Member
          • Dec 2018
          • 360
          #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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