It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

It is tax free in the sense that you will not owe taxes today on the cash-out.

That's 50k a year gone and you are losing tax write-offs and equity potential.

Home went to tax sale county kept excess proceeds.

Are they going to start paying down that credit card debt, turn over a new leaf, and avoid bankruptcy for the next decade? 

Tax credit 45L for a 90 unit or 112 unit project? 

There’s a small annual fee for registration, so make sure you stay on top of this to avoid penalties.2.

If you live in CA, and your LLC is in OR, you still need to register it in CA and pay the 800 dollar per year LLC tax.

I’d love your input on whether this deal could appeal to investors and how best to structure it.Property Details:Worth: ~$300,000HOA: $273/month, Taxes/Insurance: ~$170/monthCurrent Rent: $1,880/month (long-term); next tenant advertised at $1,950/month.Mid-term rental potential: ~$2,400/month (I haven’t tried this, but it’s my estimate).My Financing Idea:Large down payment: ~$125,000 (This is my priority to reinvest elsewhere).Seller-financed balance: ~$175,000 at 4.25% for 30 years.Buyers take over taxes, insurance, and HOA.Questions:1.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?