what are the tax implications of this

[Raj Kumar]

Here are the sequence of events

1. In 2019 - bought a rental property (with mortgage on my name)

2. Moved property into LLC (say LLC#1) through deed transfer

3. In year 2020, Filed LLC#1 taxes for this property

If I want to move this property into a new LLC next year, what are the steps involved and what will be tax implications on LLC#1 taxes?

Has anyone done this, please share experience.

[Basit Siddiqi]

@Raj Kumar

Holding appreciating Capital Assets(I.E. long-term rental real estate) within an S-corp is a no-no.
You got bad advice.