Transfer Tax from Individual to LLC? - Advice Please!

Discussion in 'Philadelphia Real Estate' started by SamCL, Dec 4, 2017.

  1. SamCL

    SamCL New Member

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    Hi, hoping someone can help me out!

    I own my house, but I'm planning on moving and would like to transfer the deed to a single-member LLC so I can manage it as a rental and have personal assets protected. I am the only member of the LLC, which is a pass-through entity. Does anyone know if I would need to pay realty transfer taxes on such a transfer (I think I would do the transfer via quitclaim deed)?

    I am finding conflicting information about this, some things saying I wouldn't be liable because I am the sole member/beneficiary of the LLC, and other things saying that any transfer between an individual and an LLC would incur full taxes.

    Thanks for your help!
    Sam
     
  2. ShoshTrvls

    ShoshTrvls Well-Known Member

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    Spend a few bucks and consult with an attorney. there are a lot of issues that you will need to address turning your home into a rental.
     
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