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We have a house that we have lived in for 3 of the past 5 years that we are selling. We turned it into a rental and moved it into a llc. We are about to list it and I was wondering if having it currently in the LLC changed how capital gains works for the profits? Would it be better to move it back out of the LLc before the sale or does I matter? Appreciate any insights on this.
You are selling the house that you lived in, but you are moving it to an LLC for rental? One or the other but not both.
If you still will own the house, then I would just list it with the LLC as part of your equity investment. But a sale involves an actual transfer of funds, and associated expenses.
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