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Level 2
February 24, 2023
Solved

SCorp Quick Claim Transfer SM LLC Sale & Depreciation Recapture

  • February 24, 2023
  • 1 reply
  • 18 views

Sole own of SCorp transferred the building owned by SCorp to his SM LCC via quick claim. How is the depreciation recapture handled, if any?

TYIA

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Best answer by abctax55

It's a 'sale' at fair market value, with any depreciation repercussions associated with any property sale. 

 

1 reply

abctax55
abctax55Answer
Level 15
February 24, 2023

It's a 'sale' at fair market value, with any depreciation repercussions associated with any property sale. 

 

HumanKind... Be Both
JayzuksAuthor
Level 2
February 27, 2023

Thank you