Asset Protection & LLCs

[Shaun R.]

Hello Everyone.  Forgive me if this has been covered, but I am a new member.  I have a property that is personally owned (by husband & wife) and mortgage free/unencumbered.  The property has increased in value substantially since it was originally purchased (was Homestead property for 30+ yrs).  

I want to transfer it to an LLC in order to gain the limited liability protections (husband & wife will still be the owners/members of the LLC - no other new ownership interests involved, or $$ being exchanged). The property in question is going to be used as a rental income property, since it is no longer the Homestead.

My question is: If I simply transfer title to a LLC (via Quit Claim Deed), will such a transfer be considered a taxable event which triggers Capital Gains taxes?