Looking for someone to share experience with taxes.

[Juan Carlos Gastelum]

Hello. We own 2 condos in Texas: 1) one under my daughters name "PROP 1" and 2) another under my wife´s and my name "PROP 2". I just incorporated a single member LLC in Texas to house real estate investments. In short, from a tax perspective, is it a good or bad idea to transfer PROP 1 and PROP 2 into the LLC? Anyone have experience doing this? Would welcome any type of suggestions. Thank you!

[Ashish Acharya]

Originally posted by @Juan Carlos Gastelum:

Hello. We own 2 condos in Texas: 1) one under my daughters name "PROP 1" and 2) another under my wife´s and my name "PROP 2". I just incorporated a single member LLC in Texas to house real estate investments. In short, from a tax perspective, is it a good or bad idea to transfer PROP 1 and PROP 2 into the LLC? Anyone have experience doing this? Would welcome any type of suggestions. Thank you!

 Please do not transfer theses without talking to a tax advisor. 

Your daughter's property needs to be in her own LLC. She cannot transfer property to your and your spouse's LLC. If your daughter's property is transferred to your LLC, that creates a whole another issue of adding a new partner in the LLC. There might be a sale of partnership interests and/or other issues.

Talk to your tax advisor.