tax implications of deeding title to property

[Joseph Shaggs]

Hello! What are the tax implications of an individual deeding the title of a property to a partnership or corporation? Specifically, if the title to a property is in my name and I deed it to an LLC (setup as a partnership) that is wholly owned by myself, does it trigger a taxable event? How should I think about this transaction?

[Ashish Acharya]

@joesph, 

The answer is different for partnership and Corp, as you have asked. 

Also, LLC with you as the sole member is not a partnership, thus the complicated partnership rule regarding contribution to a partnership does not apply to you.

There is no tax implication on deeding the property to LLC if you are the sole member of the LLC. There may be transfer tax that State imposes but most of the state waive transfer tax to Single Member LLC.