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Updated over 3 years ago on . Most recent reply presented by

Raj Kumar's profile image
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Raj Kumar
  • Investor
  • from Charlotte, North Carolina
  • Member since Apr 9, 2014
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Raj Kumar's profile image
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Raj Kumar
  • Investor
  • from Charlotte, North Carolina
  • Member since Apr 9, 2014
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Raj Kumar
  • Investor
  • Charlotte, NC
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Tax, SDIRAs & Cost Segregation

what are the tax implications of this

Raj Kumar
  • Investor
  • Charlotte, NC
Posted

Here are the sequence of events

1. In 2019 - bought a rental property (with mortgage on my name)

2. Moved property into LLC (say LLC#1) through deed transfer

3. In year 2020, Filed LLC#1 taxes for this property

If I want to move this property into a new LLC next year, what are the steps involved and what will be tax implications on LLC#1 taxes?

Has anyone done this, please share experience.

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Basit Siddiqi
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Basit Siddiqi
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Basit Siddiqi
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@Raj Kumar

Holding appreciating Capital Assets(I.E. long-term rental real estate) within an S-corp is a no-no.
You got bad advice.

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