Discussion:Does transfer of rental property into an LLC negate a section 121 exclusion?
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Discussion Forum Index --> Tax Questions --> Does transfer of rental property into an LLC negate a section 121 exclusion?
| 22 August 2007 | |
| Home of many years converted to rental prop, then transferred into an LLC. Property sold 2 1/2 years later. Does the transfer to an LLC negate the Section 121 ($500000) exclusion? Husband and wife are the members of the LLC. | |
TheTinCook (talk|edits) said: | 22 August 2007 |
| Check out Reg. 1.121-1(c)(3)(ii) and Example 1 under part (4). | |
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