Tax Implications of transferring A Rental Property out of a multi member LLC to one of the members?
January 2, 2009
akeme asked:
Have a 50% stake in a GA based LLC which was used to purchase a rental property for cash in GA.
Have a 50% stake in a GA based LLC which was used to purchase a rental property for cash in GA.
Approached the Bank to refinance the property. Bank says I would need to take the loan in my personal name.
If I quit claim the property into my name are there any income tax or transfer tax issues since its moving from an LLC owned by 2 members to just me.
2 Responses to “Tax Implications of transferring A Rental Property out of a multi member LLC to one of the members?”
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January 3rd, 2009 at 9:20 am
There definitely ARE consequences. You’re in need of a consultation with a professional. This forum is way too short to try to answer such a question as this.
Good Luck!
January 3rd, 2009 at 11:37 am
My call on this is that you would be a nominee for the LLC. That is legalese for it really still belongs to the LLC but it is in your name momentarily so that you can get your loan. Remember, you paid zero for this advice from a stranger and should get some from your tax professional before making the leap.