Transferring a Property From One Entity to Another

[Wendy Vaidic]

Hello!

Due to a time crunch, I purchased a long-term hold property under my flip LLC, which is taxed as an S-Corp (I know it was a bad move, but it was the only one I had)

We have renovated the property and are getting ready to rent it out.

I would like to transfer the property from the flipping S-Corp to a long-term hold LLC but have a few questions:

1. Can I sell the property to the LLC at cost or does it have to be fair market value?

2. Can I quit claim it to the long-term LLC?

3. Any other ideas that would keep expenses down while moving the property from one business to the other?

Thanks in Advance!