Quote Quoting beekrock
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My question involves real estate located in the State of: PA

I purchased a worthless vacant residential lot over a year ago -- unknowingly, despite due diligence (I won't bore you with that saga). The property was purchased and remains in my personal name. I'm looking to transfer the property into a new LLC, stop paying the taxes on it, let it go to the County tax sale, and then take a tax loss on it.

My question is, when does my loss for tax purposes become official? When I sell it to an LLC for $1? When it's sold at the tax sale?

Any potential pitfalls with this plan? I've exhausted all other options.
What is your purpose in transferring it to an LLC? Will this LLC be solely owned by you?