Sell Home to LLC and Then Make It Rental Property

[Thomas Morris]

I found an article at This Link entitled "Sell Home to S Corporation and Then Make It Rental Property" fits my situation pretty well, except I want to sell it to an LLC that I already own. Would the article apply to my situation as well?

I want to shield the cap gains on my existing home by taking advantage of the the $250k/$500k exemption from cap gains for primary homes.

[David M.]

@Thomas Morris

Seems like some sort of sales pitch...  But, I can only see the first couple of paragraphs.  Its normally not advisable to hold real property anyway in a S-Corp taxation.

As mentioned, its not an arms length transaction.  

Consult a qualified professional. We've had this before where people are effectively trying to reset their cost basis.  You can't really do it.

Good luck.