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Question for CPA's about Quit Claim property to LLC
If I were to Quit Claim Deed my personal rental property to my LLC (LLC has 3 partners), and then LLC pays me for 2/3 equity in said property, would I need to pay capital gains taxes on the money received? In essence, I'm selling a rental property that is in my name only, to the LLC that I am a partner in. I'm aware my mortgage company could then call in the loan, but I have a back-up plan to refinance the property if that happens. Is this even a possibility to do? I'm wanting to sell my property to the LLC, without the closing costs and capital gains. It feels like the IRS wouldn't like this. And I obviously want to abide by all tax laws. But I also do not want to pay capital gains taxes.