Quit Claims and 1040

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Quit Claims and 1040 (by Richard [NV]) Feb 22, 2010 1:07 PM

Quit Claims and 1040 (by James [MA]) Feb 22, 2010 5:56 PM

Quit Claims and 1040 (by Richard [NV]) Feb 22, 2010 6:00 PM

Quit Claims and 1040 (by James [MA]) Feb 22, 2010 6:28 PM

Quit Claims and 1040 (by Richard [NV]) Feb 23, 2010 7:10 AM

Quit Claims and 1040 (by tom [PA]) Feb 24, 2010 5:29 AM

Quit Claims and 1040 (by Richard [NV]) Posted on: Feb 22, 2010 1:07 PM
Message:

State Specific Question About: NEVADA (NV)

For those who have created an LLC and Quit Claimed your previously personally held properties to the LLC, how have you reported that you no longer use/have the properties on your 1040.

The options for "giving" the property to a family member don't seem to include your own company. --216.113.xxx.xxx

Quit Claims and 1040 (by James [MA]) Posted on: Feb 22, 2010 5:56 PM
Message:

How is the LLC taxed?

--70.22.xxx.xxx

Quit Claims and 1040 (by Richard [NV]) Posted on: Feb 22, 2010 6:00 PM
Message:

The LLC is taxed as an S-corp. --216.113.xxx.xxx

Quit Claims and 1040 (by James [MA]) Posted on: Feb 22, 2010 6:28 PM
Message:

The LLC will file a form 1120S and send you a K-1. You report the s-corp profit/loss on schedule E. K-1's for 2009 were due Jan 31. --70.22.xxx.xxx

Quit Claims and 1040 (by Richard [NV]) Posted on: Feb 23, 2010 7:10 AM
Message:

Sorry perhaps my question was misunderstood. I know how to handle taxes for the LLC. The question was pertaining to a personal 1040 form and how have people handled when they Quit Claim property to the LLC.

The property was previously used as rental income personally but is now no longer in use. It wasn't quite sold but "given" to the LLC as basis. Just don't see that on the 1040 - so what have others done?

Thanks anyway. --67.180.xx.xx

Quit Claims and 1040 (by tom [PA]) Posted on: Feb 24, 2010 5:29 AM
Message:

z --64.12.xxx.xx

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Quit Claims and 1040

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