Posted by JHyre in Ohio on October 19, 2003 at 10:30:56:
To increase the basis, you could sell it to an entity (other than single-member LLC/LLC co-owned with spouse only) for $195k, for cash or on a note. The sale is tax free and the basis to the entity = $195k.
John Hyre
renting personal home - Posted by William Peach
Posted by William Peach on October 14, 2003 at 21:15:06:
I am going to rent my personal residence. It was a foreclosure and I have owned it for 9 years. So the priced I paid for it is $100,000. The current value is $195,000. How do I increase my basis to the current value. Can I sell it to a LLC for $195,000 and keep the equity with my home exemption and hold the note?? What should I do??