If you transfer a property to an LLC, are there tax impacts?

Question

Hi All,

If you have a property and you transfer that property into an LLC (for example a Nevada LLC), are there any tax impacts?

For example is that considered a sale, and taxes have to be paid?

The above example assumes the property is paid in full with no mortgage.

Any opinions on this would be appreciated!

Mike

Julie Marquez · Answer

I was just thinking of doing the same thing, but haven't yet. I was told to get a lawyer to draw up the paperwork, he shouldn't charge more than one hour of his time to complete the entire thing. And no, I don't believe there are any tax impact. But talk to a real estate lawyer.

Mike Shemp · Answer

Thank you Julie Marquez - that is what I have been reading online as well that there doesn't seem to be any tax impacts, but I will definitely check with an attorney.

Mike

If you transfer a property to an LLC, are there tax impacts?

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