Deed House Owned Personally To LLC

[Account Closed]

We decided to buy a new house and to rent out our current house. We have other properties, all of which are held in an LLC. So our plan is to deed the house from ourselves to our LLC. We consulted our CPA, told him what we were doing, and asked him what price should our house be deeded at. His initial idea was that we should deed it at our cost basis. We have owned this house for decades. Frankly, our cost basis would only be a guess. In any case, the CPA after some study said that if our LLC were a sub chapter S corporation we could sell the property to the corp at market value, then use the $250K exemption personally. He could not determine whether this was true for an LLC. Other details, the house is owned by my wife's revocable trust. The LLC is owned 50/50 by her revocable trust and my revocable trust. The LLC is a partnership. So my question is can my wife deed the property from her revocable trust to the LLC owned by the two of us, using market value as the sales price.? We think this would give us a good depreciable basis in the LLC, no tax due personally on the sale. There's no loan, but we could give the LLC a loan to buy the house. Any thoughts?