Can one put real property under his name on books of his LLC? Any tax consequences?

[cl2019]

Not sure if this is the right place to ask this. taxpayer owns a building in his own name and also has recently set up an LLC to do reconstruction of houses. can he put the building on the LLC's books before title of the building is transferred to the LLC? Any tax consequences of doing that? Thank you so much!

[grandmabee]

What kind of LLC,  single member, S-corp  etc.

If single member it won't matter.  If S-corp you don't want to put real estate into Corporation.

[cl2019]

7 minutes ago, grandmabee said:

What kind of LLC,  single member, S-corp  etc.

If single member it won't matter.  If S-corp you don't want to put real estate into Corporation.

Thanks for the quick response. It is treated as partnership. 

[Lion EA]

The partnership does not own the building. Yet.

[Max W]

What is the purpose of putting the building into an LLC?  If they are doing flips, I don't see any reason.  If they are going to keep the buildings as rentals, then each building  should have its own separate LLC.     Furthermore, if there are loans on the building, any re-titling would have to approved by the lender.