Hello, this is my first post on bp. Here's the story.
I have a single family home that was first a rental for 2 years, then I moved into the house a year ago. I plan on living in the house for another year then selling it to my smllc created just for this house. I purchased the property for $550k and its worth about $800k. I plan on buying another primary home but don't want to sell this one but I want to take advantage of the $250k primary home tax exclusion.
Few tax advantages:
1) my basis on the house will now be $800k and I am free to sell the house anytime after that and the captain gains would be if the sales price is above $800k.
2) since my LLC purchased the house for $800k I can depreciate on a higher value of the building which means more yearly deductions on my schedule e.
