Posted on: 21st Oct, 2008 05:43 pm
My partner and I purchased an apartment buidling for $140,000 and titled the property in his corporation name. Once renovations are complete the property should appraise for around $650,000. At that time we plan to quit claim the deed into our LLC. Please advise on any tax implications on this type of transaction
Hi eddrickc!
When you transfer the property with the help of a quitclaim deed to an LLC, you will have to give some transfer taxes. However, the tax implications will depend upon the type of LLC you are forming.
Thanks.
When you transfer the property with the help of a quitclaim deed to an LLC, you will have to give some transfer taxes. However, the tax implications will depend upon the type of LLC you are forming.
Thanks.
Hi eddrickc,
Yes, I agree with James Hogg that tax implications may depend upon the type of LLC. Apart from this, you will have to pay the transfer taxes or the filing charges.
Thanks,
Jerry.
Yes, I agree with James Hogg that tax implications may depend upon the type of LLC. Apart from this, you will have to pay the transfer taxes or the filing charges.
Thanks,
Jerry.