Posted on: 11th Jul, 2010 04:59 pm
This may have been asked, but my husband and I bought a 4-plex. We want to quitclaim the property into a LLC we formed (we are the only two in the LLC). Is a basic quitclaim ("Arizona) all we need?
Also, we paid $56,000 down and have the rest as a mortgage. Can we quitclaim it to the LLC for a min. amount (? $10 as I've seen listed in some of these forms) or are there tax implications we should be considering?
Thank you,
Also, we paid $56,000 down and have the rest as a mortgage. Can we quitclaim it to the LLC for a min. amount (? $10 as I've seen listed in some of these forms) or are there tax implications we should be considering?
Thank you,
hi ajnsue
before quitclaim your lender will have to approve the refinance the mortgage to your llc. as llc is having limited liability in case of default,lender do not want to take risk.
either you need to refinance the mortgage from your llc's business credit.
dipa
before quitclaim your lender will have to approve the refinance the mortgage to your llc. as llc is having limited liability in case of default,lender do not want to take risk.
either you need to refinance the mortgage from your llc's business credit.
dipa
Why is this necessary for a husband & wife to sign off a quit claim and turn around & quit claim it back to themselves?
taxes due from transfer from husband and wife jointly to one spouse?
Hi Patricia!
Welcome to forums!
As far as I know, when the property is transferred amongst the spouses, then, you may not be liable for paying any taxes. Nevertheless, you should contact a tax advisor and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, when the property is transferred amongst the spouses, then, you may not be liable for paying any taxes. Nevertheless, you should contact a tax advisor and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane