Transfer Property To LLC, Quikclaim and Capital Gain taxes

[Ron Dallegro]

I have a question, I hope someone can answer.I am a New York resident.
I have a few Florida rental properties, that I want to put under a new LLC I am creating in Florida.In order to change the deeds over, no mortgage involved, I was going to use a QuitClaim Deed.How do I list the value of the home or the consideration, since there is really no sale being made.If the value of the home has increased since purchase, do I have to pay Capital Gains tax.

[Tyler Gibson]

@Ron Dallegro If you are not trying to sell them to the LLC and simply move them then a consideration of $10 is all you have to put on the quit claim deed. You only pay the capital gains when you sell them and no longer have an interest in the property. I assume you are just moving them under the LLC for the purpose asset protection.