Transferring Personal Property to LLC

[Phil Contreras]

Good day,

We have a property in Connecticut that is fully paid off. We are currently renting it under our personal name but would like to know how we can transfer the property into a LLC.

The main question though is, if I were transfer my property into a LLC, will this trigger a taxable event?
(Example: Property bought at 100k and now worth 300k transfer to LLC)

[William Collins]

There should be no taxable event if a single member LLC in most cases. But there are many other concerns. It could trigger due on sales, it could revoke your title insurance based on whose name that insurance is bought under.

The question is why are you doing it? If for protection- consider an umbrella purpose. If for launching a business make an operating LLC which runs the property on behalf of the assett owner (This also could separate risk concerns).