Finance and Forex Trading Forum Forum Index Finance and Forex Trading Forum
Get inside information on the latest stocks and moneymaking ideas!
 
   ProfileProfile   Log in to check your private messagesLog in to check your private messages  |  FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups Log inLog in   RegisterRegister 

Tax basis and LLC

 
Post new topic   Reply to topic    Finance and Forex Trading Forum Forum Index -> us.taxes
Author Message
Guest
PostPosted: Thu Apr 10, 2008 4:03 am    Post subject: Tax basis and LLC Reply with quote
I have been part of a general partnership that owns a piece of rental
property. I have recently bought out my partner. I plan to transfer
the rental real estate into an LLC. My question is whether this
transfer will provide a stepped up basis on the property.
Back to top
Tom
Guest
PostPosted: Tue Apr 15, 2008 2:00 am    Post subject: Re: Tax basis and LLC Reply with quote
On Apr 9, 11:03 pm, lra...@yahoo.com wrote:
Quote:
I have been part of a general partnership that owns a piece of rental
property. I have recently bought out my partner. I plan to transfer
the rental real estate into an LLC. My question is whether this
transfer will provide a stepped up basis on the property.

You can get a "step-up" for the premium you paid for your partner.
Assuming you two were equal partners (and the only partners) your
purchase of his units terminated the partnership. A transfer to an
LLC will not result in a step up of the basis of the underlying
property.
Back to top
Display posts from previous:   
Post new topic   Reply to topic    Finance and Forex Trading Forum Forum Index -> us.taxes All times are GMT
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


eXTReMe Tracker