Posted on: 04th Aug, 2010 09:51 am
My Company currently owns my house. It is a single member LLC. I have a loan on the property but would like to transfer to a mortgage. My bank will not give mortgages to Companies so I was thinking of Quit Claiming to myself. What are the tax implications for my Company and Myself. I will not be selling.. just opting for a mortgage.
Hi westlook,
Unless the property is in your name, the lender will not be ready to give a mortgage. Since a single-member LLC is a disregarded entity for federal tax purposes, there will be no tax ramifications.
Take care.
Unless the property is in your name, the lender will not be ready to give a mortgage. Since a single-member LLC is a disregarded entity for federal tax purposes, there will be no tax ramifications.
Take care.
So under these circumstances, then I would need to change the title not just do a quit claim?
hi westlook,
you need to sign a quit claim deed and transfer the property from an llc to yourself. once the property is transferred in your name, you would be able to get a mortgage.
thanks
you need to sign a quit claim deed and transfer the property from an llc to yourself. once the property is transferred in your name, you would be able to get a mortgage.
thanks