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Updated over 7 years ago,
A few questions on selling old personal residence to LLC
Hello. I am in the process of quit claiming my old personal residence into an LLC to be used as a rental. This is being done in Michigan. A few questions.
- Should I be selling for $0?
- Is there any way that I will pay taxes on this? Should I sell for my cost basis?
- If I were to try to sell right now, the value of the house is approx. 50% higher than when I bought it. How does this affect the other two questions?
Sorry if these are kind of vague. First time posting and have had trouble figuring out answers to both of these.
Thanks.