For the PRO'S
3 years ago, I purchased a commercial property which includes a 1700 sq ft office a 3000 sq ft shop and 1 acre of land for $325,000. I currently run my agency from the office and have the shop leased to a taxi company. When I purchased this property I was told by my accountant to buy it under my Corporation! The seller held a 10 year mortage and there is a balance of $225,000.00. The property in worth approx $500,000.00. I am now looking for a way to swing this property into my LLC but my NEW account said that there would be a very high tax liability to the corporation if I did. He is suggesting that I hold on to it for another 2 to 3 years????? The reason I want to aquire this property is to demo the structures and build 2 family homes while the building market is hot. I can get 8 homes on this site. I am aware now that I should have purchased the commercial property under my LLC but now it is too late...Any suggestions, any way around this??
Repoman 
Hello! Accountants can sure be a pain! lol Is your corporation an S or C? Can you do your planned development in the Corporation? Why move it to an LLC?
Any transfer to your LLC will trigger a gain, but the gain will go into the basis of your new development. In the event you would sell the developed property, you will re coup the taxes then. Anyway, Congrats on a good investment!!
Allon