Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago,
Tax basis with quit claim from one llc to another
I wanted to transfer ownership of one property from (multi member llc) to another llc(sole llc -me owner). via quitcLaim
Would that ruin the tax basis or make me pay more in taxes? Or other consequences im not aware of ? Like I wont be able to deduct expenses I paid out of my pocket for taxes, extra rehab cost, mo interest payments ? It’s already at loss but I don’t want to lose out on capital loss deductions I can make yearly
Originally i intended to refinance, but property not complete yet. Lender is okay with it since I’m on the contract. And reason I cant wait to finish is bc of bad partnership. He is cooperating and willing to sign off the deed.