Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Pennsylvania - Rentals, LLC and Transfer Tax Question
Originally posted this in General Real Estate Investing but I think it probably belongs here instead.
What is the best method we should use to buy a property and put it into a newly formed LLC?
Our LLC currently does not have a property, but when we buy one we want it to be in the name of the LLC. It looks like from what I have read that a Quit Claim Deeds is the best way. As we are based in Pennsylvania, I'm aware that there is a 2% title transfer tax, would that affect a Quit Claim deed? Would we need to deal with it twice, once when purchased from seller, and again to transfer to LLC? Is there an exemption or some way around this?
Completely new to this. Thanks for the help.