Move property into LLC Name Help
Ok I had to dissolve an S-corp and opened as a single member LLC due to the loss of a partner. In the interim I bought a property. I am closing on it next week. I had to buy it in my personal name, which is fine, because I didn't have my LLC binder back yet.
Now I have all of that in place, I am trying to figure out from a tax standpoint what is best to do. If I rehab and flip in my personal name, I am going to pay massive capital gains tax because of my income.
Is there any advantage to deeding it to my LLC at this point or do I just suck it up and take the tax hit. If I could get it in the LLC name then I have 7 or 8 more months to expense out some of the profit from the flip.
My worry is, if I just deed it to my LLC, that may act as a transaction and I will pay personal tax on the gain anyway. I guess I could "sell" it to my company for what I paid and show no gain.
Any advice would be helpful. Hopefully I am making sense.
Thanks guys and gals as always.