Posted by JHyre in Ohio on July 22, 2002 at 06:49:05:
Sell it to LLC on a note OR (more probably) simply “contribute” the property to LLC via quit-claim deed. The latter approach is simpler and has no tax impact…it also provides capital, which in turn promotes asset protection by making it harder for a litigant to “pierce the veil”. The transaction may trigger transfer taxes, though in most jurisdictions it would not.
I an a real estate investor, I have a partner and we are purchasing property in each others names…we are in the process of setting up and LLC, How do we transfer the property over to the LLC? and what are the tax and legal implications? really appreciate some advice…I live in the state of Illinois if that’s any help…