Title transfer to LLC after living two years. Capital gains tax
Hi, As many of you know, there is primary home tax exemption saying 'You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 if your tax-filing status is single, and up to $500,000 if married filing jointly. The exemption is only available once every two years.' I have a property I lived for 2 years as primary. If I move the title of the property to LLC this year, does it considered as sales transaction this year?
As a concrete example, suppose I bought the house at $100k two years ago and its value is $200k now. I do title transfer now to LLC, and I sell it next year at $300k. In this case, am I going to pay capital gains tax next year or not? Would appreciate any advice.