Taxes when transferring property to an LLC

[Diana Serrano]

I was thinking about transferring a property that is currently under my name to an LLC. The property is now worth more than when it was first acquired. I'm almost sure the property taxes will go up as the value has increased. Should I be worried about any other taxes? Would a capital gain tax apply? It's my first time doing this type of transfer, any input would be helpful. Thankyou all in advance :)

[Lance Lvovsky]

Generally speaking, there would be no income taxes on a transfer of a property to a LLC that is treated as a Partnership for tax purposes. You should, however, consult with a CPA who has all the facts related to your situation.