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SCorp Quick Claim Transfer SM LLC Sale & Depreciation Recapture

Jayzuks
Level 2

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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abctax55
Level 15

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

 

"*******Tax software is no substitute for a professional tax preparer*******
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2 Comments 2
abctax55
Level 15

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

 

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
Jayzuks
Level 2

Thank you

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