Real Estate into the LLC

[fortunecookie]

In New York City/State:

I'll be establishing an LLC to transfer and transferring real estate the LLC. It appears there will be no transfer tax since the property has been owned Tenants in Common with my dad and will be established that way in the LLC. My question has to do with retitling the deeds etc. Will I incur expenses or title insurance costs when I switch the deeds into the LLC name? Is there anything else I need to be aware of when I move the houses into the LLC beyond transfer tax issues.

Thanks for help

 

[loku]

In most instances there is no income tax on the transfer of property to an LLC owned by the same people in the same shares as the people who transfer the property.

I think you should talk to your title insurance company about the insurance cost if any.

You should be aware that the property would be owned by the LLC at your death or your partner’s. The ownership of the LLC is what would pass to the heirs. Other than that, there is no problem I can think of.