Moving properties into LLC

1 Reply

My wife and I currently own 4 rental properties with mortgages in both of our names in Ohio. We have had good success but want to legitimize/protect ourselves/business and move the properties into an LLC only in my name. The properties were purchased in June 2017, July 2018 and the last 2 purchased in November 2018. We have spent approximately $15k rehabbing the property purchased in July18 and and one the ones in Nov18. The other two have not been touched in any significant way so I feel transferring them to the LLC is straight forward. The vast majority of expenses incurred on the July18 property were incurred in 2018. Whereas the Nov18 property expenses came about this year.

My question is how are expenses captured/written off if the properties move into the LLC mid year. Is it as simple as expenses Incurred while the property was in our name will be handled there and after the LLc goes in and the rents route there the expenses will be dealt with there?