Posted by Kevin on November 25, 2003 at 21:14:41:
Hi Jim,
Thanks for the reply. Can you please also advise how to set up a trust? The attorney I used to form the LLC unfortunately is not familar with land trusts.
Thanks,
Kevin
Posted by Kevin on November 25, 2003 at 21:14:41:
Hi Jim,
Thanks for the reply. Can you please also advise how to set up a trust? The attorney I used to form the LLC unfortunately is not familar with land trusts.
Thanks,
Kevin
Tax implications on deed transfer - Posted by Kevin
Posted by Kevin on November 25, 2003 at 08:24:53:
Hi,
I’ve bought few properties in the past under my name. I also recently formed an LLC for my real estate transactions going forward. To minimize my liability exposure for the houses I bought under my name, I’d been advised to transfer the deeds to the LLC but I am not sure what the tax consequences are. I’d greatly appreciate it if someone can shed some light on this.
Thanks in advance,
Kevin
Re: Tax implications on deed transfer - Posted by Jim FL
Posted by Jim FL on November 25, 2003 at 14:17:23:
Kevin,
A question such as this is best directed to your CPA, because they know your specific situation.
You may want to ask Hyre over at the legal forum, or the financing forum.
The transfer might be a taxable event, and might not be.
I’m curious, are you intending to just deed the properties into the LLC straight?
If so, why not place them in a trust, where the LLC is the beneficial interest holder of the trust.
Thus owning the house via the trust.
Keeps ownership somewhat anonymous.
Just my two cents, good luck,
Jim FL