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socrateaser
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I need this answered from a qualified Nevada attorney: I own

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I need this answered from a qualified Nevada attorney: I own a SFH in Las Vegas. Several years ago my husband and I transferred title on this home into a Nevada LLC owned 100% by my husband and myself (50/50). When I transferred title from us (as individuals) into the LLC, there was no transfer tax due in Nevada. Now I need to temporarily transfer the property out of the LLC, back into our individual names, in order to refinance. I can not find any exemption in the Nevada law that allows this transfer to be tax free, which makes no sense. Is there an exemption and I'm just missing it? If so, what is it, so I can put it down on the transfer form. Thanks, Jerolyn
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.
Hello,

Nev. Admin. Code 375.170(13) provides as an example of transfers not subject to tax: "Distribution of interests in real property owned by a corporation as part of the liquidation of a corporation to the shareholders of the corporation in percentages equal to their ownership in the corporation. To receive title to his interest in the property, each shareholder must redeem his stock."

The above is substantially identical to the transfer from an LLC to its members in exchange for the relinquishment of each members shares of the LLC and the liquidation of the LLC.

I would use NRS 375.090(3) as the exemption: "A transfer of title recognizing the true status of ownership of the real property, including, without limitation, a transfer by an instrument in writing pursuant to the terms of a land sale installment contract previously recorded and upon which the taxes imposed by this chapter have been paid."

Note: You must actually liquidate the LLC. No assets may remain owned by the LLC.

Please let me know if my answer is helpful. And, thanks for using justanswer.com!
Customer: replied 1 year ago.

Just to clarify, I am only doing this temporarily for purposes of refinancing.


 


I will eventually be transferring the asset back into the LLC, once the re-fi is complete. I presume this is kinda a mute point, if it all happens in a limited time frame i.e. I will request the transfer out, but delay formally closing the LLC, then transfer the asset back - is that ok? Jerolyn

Expert:  socrateaser replied 1 year ago.
You're into an area where there is neither any statute, regulation or case law. The Nev. Admin. Code describes the "liquidation" of the corporation. That could be an excuse to deny the exemption, were you to not actually dissolve the current LLC and then form a new organization.

However, it could also be argued that the complete divestment of assets in an organization represents liquidation, even if the organization later acquires new assets.

BotXXXXX XXXXXne, here, there is no dispositive answer to your question. My bet is that if you were to transfer the assets back to the same LLC, it wouldn't trigger any adverse result, because the tax collector's computer systems are not programed to look for that sort of narrow result.

But, there's still a risk, and you will have to decide how much of that risk to accept.

Hope this helps.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 34817
Experience: Retired (mostly)
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