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Updated over 10 years ago,
Moving into my own investment
I purchased a house in my business, LLC with the intention of flipping the house. However, after consideration, I plan to move into the house myself. For tax purposes, I pay income as well as self employment tax on my gains from the sales of my properties. I have also been recorded my business expenses on this house, throughout the project. How do I transfer, ethically and lawfully, the property to my name? I know I can quit claim it, but should I do a sale of the property for the amount I spent, including original purchase price and expenses? Thus making the gain zero? What is the proper way to do this? Let me know if you need more information. Thanks!