byoon 0 Report post Posted March 24, 2005 My girlfriend's family has a rental building under personal name. They want to transfer title to an LLC they just established. The Department of State says there are taxes involved.Specifically, 100% of the value of the property divided by the number of members equals the amount of the tax involved in the transfer of the property to the LLC. Can anyone confirm, deny or elaborate on this? I have never heard this before and was wondering if any of you more experienced LLC users could shed some light on the subject. Thank you Edited,Sorry, Perhaps this is better placed in the Tax strategies forum, my advance apologies Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted March 28, 2005 Byoon,Yes, some states require you to pay transfer tax if you transfer title to an LLC or trust. I would call your registration of deeds office to find out what needs to be done and how much it will cost you.Regards,Adam Share this post Link to post Share on other sites
byoon 0 Report post Posted March 28, 2005 Much thanks. Disagreeable policy tho Share this post Link to post Share on other sites
dandxg 0 Report post Posted May 3, 2005 Byoon,Yes, some states require you to pay transfer tax if you transfer title to an LLC or trust. I would call your registration of deeds office to find out what needs to be done and how much it will cost you.Regards,Adam<{POST_SNAPBACK}> Adam, can I transfer tittle of my own home to an LLC for legal protection? I have a mortgage on it does that matter? For example, I am considering trasferring to tittle to an offshore LLC because I am paranoid in this lawsuit happy country we live in. I truly am an upstanding citizen that pays their taxes just to afraid of having wha't mine taken away from me. BTW I already incread my personal liability on homeowners. Thanks for yoru assistance. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted November 11, 2005 Instead of an offshore LLC, you can simply use a land trust. Name your spouse as the beneficiary. Share this post Link to post Share on other sites
jayentee 0 Report post Posted May 22, 2006 It is generally a good idea to hold property in an LLC. They way to move the property into the LLC would be for the individual to sign a deed granting the property from the individual to the LLC. As to the tax issue, it depends. Some states will require you to pay documentary stamp taxes on the transfer. In Florida, if you transfer to an LLC, generally the doc stamps owed are based on the amount of any outstanding mortgage (assuming that the previous individual is the sole member of the LLC). If you own the property free and clear and then tranfer to an LLC, it is a different story and you MAY not have to pay doc stamps. You need to check the laws in your jurisdiction. Share this post Link to post Share on other sites
TrueHardMoneyLender 0 Report post Posted May 23, 2006 Instead of an offshore LLC, you can simply use a land trust. Name your spouse as the beneficiary. A trust will not provide liability protection. At best it reduces the chance that someone will notice who the beneficial owner is. Share this post Link to post Share on other sites