Discussion:Property contributed to LLC

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Discussion Forum Index --> Tax Questions --> Property contributed to LLC

Lois (talk|edits) said:

13 July 2006
When property is contributed to LLC upon formation (no increase in basis) does the net value go in as the gross asset OR does the actual cost and actual depreciation get recorded?

JR1 (talk|edits) said:

July 13, 2006
Both go in...cost and accum. deprec.

Lois (talk|edits) said:

13 July 2006
Thank you!

JRE (talk|edits) said:

13 July 2006
inside/outside same?

ERIKCPA (talk|edits) said:

27 December 2007
When tangible property is contributed to an LLC or Corp does the property need to be re-titled in the name of the entity?

KatieJ (talk|edits) said:

27 December 2007
Yes indeedy.

ERIKCPA (talk|edits) said:

27 December 2007
Thank You!

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