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Updated almost 9 years ago on . Most recent reply
Transferring property into LLC
So I'm preparing to pull cash out of 2 properties I own free and clear and going through a portfolio lender. They require the property to be owned by an entity not me personally. Ive seen a few threads that mention a potential tax liability if this is done. Can anyone share a little more information on transferring the ownership of property in your name to an LLC or any other entity for that matter? I don't want to move forward on this until I have a clear understanding.
Sabrina
Most Popular Reply
Here is a copy paste from the response when I emailed my CPA last year as I did the same thing. My question was is it a taxable event to change from personal to llc.
Quote
No...as long as the ownership is same...meaning
It is owned by you 100% today and you own the LLC 100%...it is just a non-tax event.
End quote
Consult your CPA as it may depend on how your llc is set up.