Accountant's Input Needed - Transferring Deed Ownership

[Jim Kalish]

Hi BP Family,

I'm looking for advice from the accounting community.  Here is the scenario:

My son and I are 50/50 owners in an LLC.

We own 5 residential properties with a total of 9 doors

We account for all of the income and expenses in our LLC

But, right now 4 of the properties are in my name and only 1 is actually deeded to the LLC

What is the tax impact of transferring 2 of the properties currently deeded in my name to my Son.

Also, what is the tax impact of transferring the property currently deeded in the name of the LLC to my Son.

I was thinking of using a Quitclaim deed for all of this.

The reason for moving things around is so we can get HELOCs.

We are in Charlotte, NC.

Thank you in advance for your thoughts.