Tax Impact: Transfer Parent's homes to Me, Please :)

[Simond Wong]

BP Fam,

Please seeking some guidance on managing tax impacts to me, to transfer my parents homes to me as the owner. All the homes are paid off.  I am based in Pennsylvania. 

I assume They should be able to gift all of it to me or sell it to me for a dollar so that I can manage tax implications, correct? 

What are some other considerations I should be thinking of as I think through this process? 

How would you/should I approach this to best manage tax implications and high expenses?

The ultimate goal is to have it solely me transferred to me as the owner, and then I'd like to get them each under their own LLC for rental purposes as well.

Would appreciate your guidance, thank you in advance BP community!

[Gregory H.]

In PA, there is no transfer tax between immediate family members, so you don't have to worry about that (have a lawyer do the transfer paperwork so you know it's done right). Just understand that once you transfer it from yourself to an LLC, you will have to pay full transfer tax, which is 1% as the person selling, and 1% as the LLC buying. If it is in Philadelphia, there is another 1% on each side. I would not recommend paying 2-4% of the property value just to have the property in an LLC. Just be well insured at the individual property level and throw an umbrella policy over everything for additional peace of mind.