Updated almost 6 years ago on . Most recent reply
Buying then transferring deed
Hello BP, I hope everyone is staying healthy and safe! I have an LLC in Illinois, and I own a number of properties in the collar counties of Chicago, with mortgages through a local bank out there. The deed and the mortgage are in the LLC's name for these properties, while the members' names are on the note. I'd like to buy a property in Chicago, and the new mortgage company is suggesting I buy the property in my own name and then deed it to the LLC. So my question is, what are the tax implications, and benefits, to the members of the LLC if I purchase a property in my name and then deed it to the LLC?