USA Selling your rental property to an LLC you own


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Is it legal to purchase a rental property and sell it to an LLC you own/start for six times the purchase price within 30-days of the original purchase?

If so, what are the benefits?
 
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bklynboy

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What benefit would you get as LLC is just a pass through on your taxes? What is the point of doing this? You will tax on the "gain" on your return day 1.
 
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I don't know, but the person that did it is a CPA. I think he did it to raise personal capitol to buy more properties that were under foreclosure. I don't know why a bank would appraise it that high.
 

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