Rental Property to LLC

6 Replies


My husband and I transferred a rental property that we have owned for 10 years into an LLC, transfer occured on Jan 1st, how does the transfer show in my personal taxes. We want to file a 1065 for the LLC, know that our cost basis will transfer into the LLC as well as our depreciation?

But, where will it show in my personal income taxes that the property was transferred and that it simply did not dissapeared.

Thank you

Thanks for your reply. I actually do not want them there, because in my case in defeats partially the purpose of the LLC. But, I cannot figure out how to declare the transfer, which form to use, etc.

@Maria Paredes if you are the sole owners of the LLC, I dont think there is anywhere else to put them.

Maybe if you were an s-corp and issuing yourself K1s, you could file differently.

I'm not a CPA, but that's how I understand it.

@Maria Paredes Jason D. is correct it depends on how you set up your LLC on how it gets files on your personnal taxes. I had a converastion with an attorney last week going over the different ways an LLC and trust can be setup for asset protection.

Thanks for your reply, it is actually a 2 member LLC. Purpose of my LLC is asset protection and anonymity. I just talked to a CPA, since it is a pass through, it will show in my K-1. So I don't have to do anything special tax-wise to show that the assets have been transferred.