Transfer 1031 to LLC - Posted by Ben
Posted by Ben on September 12, 2004 at 22:52:14:
I recently sold a property and because I did not want to pay tax, I 1031ed it into other property investments. Since doing this I have formed an LLC with a partner. All of the buildings are still in my name, but the partner matched my contributions with cash to do renovations. I would now like to transfer the properties to the LLC and I am wondering what is the best way to do this, Quitclaim or Grantors Deed? Also will there be any taxes due because of the 1031 exchange being in my personal name? Can I do this transfer myself or do I need a lawyer or RE agent?