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Updated about 7 years ago,
Transferring Property in Pennsylvania
I have 3 Single Family rentals in Philadelphia that I'd like to transfer into an LLC or Trust through a partnership with my brother who will become an equity partner through the LLC or Trust. Currently the mortgages are in my name. I have 75% equity in all of the homes. Since Pennsylvania applies a tax to a transfer of title regardless if there's a sale what is my best option to avoid paying tax to shift ownership and mortgage into an LLC or Trust? Is there any benefit in paying off the mortgages and selling the properties for a $1 to the LLC or Trust and then financing it through the LLC or Trust for leverage?