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Question

I purchased a commercial building using my LLC with money from my LLC. Then created a new LLC and transferred the building ownership into the new LLC. How do I account?

Forum|Forum|3 years ago
April 25, 2023
1 reply
0 views

Building is paid off now. Purchase and transfer were all done in the same year.

TurboTax Self Employed Online

if you are the sole member of both LLCs there are no tax consequences for transferring from one pocket to the another.

The building still must be depreciated even if you paid it off in one tax year. You cannot deduct the entire cost of the building on one tax return.