Double tax filing for property transferred to an LLC

[Armand Farr]

We're looking at buying a property, then transferring it into an LLC after rehabbing it and refinancing it (normal banks won't loan to the LLC)

Would this result in us having to file both a partnership tax return when it was in our names AND an LLC tax return for when we transferred it?

[Ashish Acharya]

Originally posted by @Armand Farr:

We're looking at buying a property, then transferring it into an LLC after rehabbing it and refinancing it (normal banks won't loan to the LLC)

Would this result in us having to file both a partnership tax return when it was in our names AND an LLC tax return for when we transferred it?

If you want practical answers, if you transfer property soon enough, report all the income on the partnership return. 

No need to prorate. Make sure all the income is reported.