Transferring A Llc To A Individual
This is my first group discussion, I own 3 rental properties and one primary residence. I recently transferred one of my rental properties to my llc for asset protection. Last week I received a letter from my insurance company telling me they are cancelling my policy because it does not cover entities only induviduals. No problem , I will revese the llc to my name. The county accessor wants me to pay 2000$ transfer tax. Somebody told me to transfer the llc to a trust then take the trust and transfer it to my name. Is this correct and where can I get the right forms. I live in Nevada
thank you in advance :-o
consult your attorney and your accountant done incorrectly this will cause you major problems.
Here is a link to the exemptions for paying a transfer tax.
http://www.co.clark.nv.us/recorder/pdf/RPTTExemptionList.pdf
I have seen this many times before. You can transfer a property INTO the company and be exempt, but no exemption applies when transfering the property OUT.
You may want to seek legal counsel to see if there is another way.
John (LV)