Putting a 1031 exchange property into an LLC (3 years later)
Three years ago, my husband and I did a 1031 tax exchange for a rental property. The property is still a rental property and will continue to be, at least for the forseeable future, but I would like to put the property into an LLC for more liability protections. My attorney referred me to my CPA, my CPA referred me to the attorney for the answer to my question: Can I now, after three years, put the property into an LLC? Are there any tax ramifications?
Second question... if we can put in LLC, the house is currently titled in both my husband and my names but we were thinking of having him sign it over to me and having the LLC in my name only. Possible or no?