Moving a property from one LLC to another via Quit Claim Deed (in QB)

Discussion in 'Quickbooks' started by orestesm, Jan 19, 2014.

  1. orestesm

    orestesm Guest

    I moved a property from one LLC to another (via Quit Claim Deed) in 2013.
    Each LLC has it's own Quickbooks file. Both LLCs are owned by the same
    people.
    My question is how do I handle the transfer of the property from one LLC to
    another in each of the QB files?
    The property is sitting in an asset account in the LLC-A's company file -
    how do I properly close that out and transfer it into the LLC-B's company file
    without incurring unnecessary taxable events?
    I want to do this as smoothly as possible so that, once it's all complete,
    I can transfer data from each QB file to separate Turbotax files (one for each
    LLC) without major issues.

    Thanks in advance!
     
    orestesm, Jan 19, 2014
    #1
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  2. You would distribute that asset to the partner (LLC member) at book value,
    which results in no gain, no loss on that transaction.

    The partner would then contribute that asset to the other LLC at book value,
    no gain and no loss. Most importantly, no change in that assets carrying
    value.
     
    paulthomascpa, Feb 7, 2014
    #2
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