Property transfer to LLC. What's the sale price?

[Susan W.]

Hi,

My friend and I bought a Short Sale house. When we signed contract one year ago, buyer has 2 people: my friend and I. When closed the deal, the Short Sale lender didn't allow to change buyer to a LLC, even though we had setup a 5-people LLC.

Now we had HUD-1 and deed. How can we change the owner to LLC?

1. Shall we use "quit deed" or "quit warranty"?

2. What's the sale price to LLC that won't trigger our personal tax?

If the sale price is the same as HUD-1 cost, will the new transaction go through transfer tax?

If the sale price is $1, is that the base for LLC?

Thank you for your help!