Stepped up basis lost with LLC?
What is the name of your state? MO, NY & AZ
I own real estate in all 3 states. I am considering quit claim deeding my ownership interest out of my name and into a limited liability company (LLC) that I have set up.
My wife and kid will inherit from me should I drop dead. How is the cost basis treated if I should drop dead assuming I quit claim my ownership into the LLC?
Are the benefis of a stepped up cost basis lost?
Thank you...
What is the name of your state? MO, NY & AZ
I own real estate in all 3 states. I am considering quit claim deeding my ownership interest out of my name and into a limited liability company (LLC) that I have set up.
My wife and kid will inherit from me should I drop dead. How is the cost basis treated if I should drop dead assuming I quit claim my ownership into the LLC?
Are the benefis of a stepped up cost basis lost?
Thank you...
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