Transfer tax question in Philadelphia
Hi BP, it's been a while since I've last posted but that doesn't mean I haven't been following the interesting posts on the BP forum. I've tried searching for answers to my questions on the forum with no luck, so here I am typing away trying to get some advice from the experienced folks.
I owned free and clear properties under my personal name and I'm looking to quit claim or sell to my LLC.
I'm getting mixed opinions from Title companies that I had past business relationships with so I'm looking to see what is the best course of action for my situation. The biggest hurdle is obviously the transfer tax that I will have to pay based on the assessed value. A title company suggested selling the properties to my LLC for a nominal amount to reduced the tax consequences. So the question is do I sell it to my LLC for $1 or QC to my LLC and pay the transfer tax (again!)? and WHY?
Does anyone have any similar experiences?
Cheers,
Alyn