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Visitor II

Transfer a rental property into a LLC

My wife and I file jointly each year. We own a single family home that we rent. We have created a LLC and would like to transfer the rental property into the LLC. What are the tax implications of transferring a rental property into a LLC?

 

Is there a tax event at the time of the transfer?

How are taxes filed each year for the LLC?

How does money (taxes?) move between the LLC and us (my wife and I)?