Moving Property to an LLC- Tampa Florida

[Deborah Hernandez]

Hi all! The very first home we bought (a townhome) is currently being rented. Now that my husband and I are getting serious about building a rental portfolio we want to transfer the property to an LLC. The property was bought for $100K and now is valued at $200K. Are there any immediate tax implications with the transfer? Example: transferring the property and being taxed for the $100K capital gains? I'm not sure if I could get taxed now or if it only applies when I actually sell the property. Any advice is greatly appreciated.