Transfer of property from LLC to Personal

[Carol Labbe]

I currently have a property under my LLC. I am trying to sell it but so far no offers. I am considering renting it out instead of selling it. My problem is, in order to be able to pay back high interest loans and credit cards, I need the cash. I am thinking of transferring the property from my LLC into my personal name. This is the only way I can get a regular mortgage. Banks will not lend to an LLC that doesn't have monthly income. If the property is in my name, I can get a mortgage, pay back most of what I owe and collect rent to help pay the rest. My question is - how does this work tax wise? Right now the property is considered inventory for the LLC. If I go and transfer it in my name, it's no longer inventory on the LLC. But it can't just go away on my taxes? I was thinking I could buy it from my LLC, but then I would owe conveyance taxes on the sale. Any knowledgeable tax people out there that could explain how it would work?