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Updated almost 6 years ago,
Transferring title from LLC to personal name, taxable in MD?
I am transferring title of a property from my LLC to my personal name for a cash out refi. The title company says that this is considered taxable in Maryland (as if it were a sale) and suggested I instead dissolve my LLC to accomplish the same thing. Does anyone know if they are correct? I am the sole member of the LLC. I was told similar things when initially transferring title to the LLC but my lawyer was able to find language to do so without having to pay taxes due to the fact that I was the sole LLC member. Dissolving/recreating the LLC is something I'd like to avoid.
i'm reaching out to that same lawyer with this question but wanted to ask here as well.