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Updated almost 5 years ago,

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3
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1
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Michael Draper
1
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3
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Transfer tax when transfering from me to my own business?

Michael Draper
Posted

I just bought a property in my own name. I wanted to buy it in the name of my business, but because I started the paperwork in my name (because my LLC wasn't finished at that time), I had to buy it in my name. The chief tax assessor in the Beaver County courthouse said that because it's not an arms length transaction and I'm transferring it essentially from me to me, that I could avoid transfer tax. He said maybe the PA department of revenue would audit me, but I could defend it because it was me to me. My lawyer was surprised by that. He thinks I have to pay it either way. I talked to someone at the Department of revenue transfer tax department and they said I would have to pay it (of course they would). I kind of think that if I get it past the recorder of deeds office in the PA courthouse then maybe I can avoid it. Anyone else have any thoughts?

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