Posted by William Bronchick on January 30, 2008 at 14:39:53:
Probably not since the intent of the transfer is to refinance, not to sell the property. In essence, you are putting it into your name at the behest of the lender for financing purposes. So long as you transfer it right back after refinancing, you should have no problem because there’s no 1099 reporting to the IRS.
Tax Implications of Quit Claim - Posted by akeme
Posted by akeme on January 29, 2008 at 20:20:28:
Have a 50% stake in an LLC which was used to purchase a rental property for cash.
Approached the Bank to refinance the property. Bank says I would need to take the loan in my personal name.
If I quit claim the property into my name are there any income tax or transfer tax issues since its moving from an LLC owned by 2 members to just me.
transfer tax depends on your state - Posted by David Krulac
Posted by David Krulac on February 01, 2008 at 16:48:16:
soem will force you to pay some will not.