Title transfer to LLC after living two years. Capital gains tax

[Jason Sung]

Hi, As many of you know, there is primary home tax exemption saying 'You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 if your tax-filing status is single, and up to $500,000 if married filing jointly. The exemption is only available once every two years.' I have a property I lived for 2 years as primary. If I move the title of the property to LLC this year, does it considered as sales transaction this year?

As a concrete example, suppose I bought the house at $100k two years ago and its value is $200k now. I do title transfer now to LLC, and I sell it next year at $300k. In this case, am I going to pay capital gains tax next year or not? Would appreciate any advice.

[Chris Seveney]

@Jason Sung

Not an attorney but your LLC owns it for a year and sells it- it's my understanding there is no exemption since it's a LLC so it's not "owner occupied" so yes you would pay capital gains.

Why are you selling to your LLC? Do you need too? Can an insurance policy alleviate the reason you are transferring ?