Transfer Investment Property From Personal To LLC
I purchased an investment property under my name & I want to transfer or put it under my new formed LLC. I want to do this with no tax implications. What is the best way to do this, my CPA does not have any experience with this and is researching what is best. Any body have any experience on this. What is best for me, I am open to any ideas.
Time to get a new CPA.
I am thinking about it
Well I am in Florida and the way I have doen it was to Quit Claim it into the company name (I have a S-Corp not a LLC which I doubt that has any bearing on if you can do it or not).
I then go the county recording office and record it. I do it for $1.00
From what I know of the taxes part (I am not a CPA, this is just my 2 cents) is that the taxes will flow through from the LLC to you anyway.
Doing this should not have that big if any, impact on the taxes.
Of course if you sell the property to the LLC then you tax issues on both sides.
What about transfer taxes? Steep here in Michigan- will you have to pay the transfer tax if no money changes hands?
Chris
Yes I already have the LLC and are asking if there are any income tax implications to transferring title from yourself to the LLC.
If Newkid says there are not, then I expect there are not. I have only disagreed with him once in about a thousand of his posts I have read on tax issues. If you want an answer you can defend in court, hire another CPA.
Chris
Thanks for all the info from every body
I do have an EIN and its own bank account for this LLC.