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Zip Taxes
Zip Taxes, Tax Preparer
Category: Tax
Satisfied Customers: 156
Experience:  CTEC Licensed / Mgmt Experience with H & R Block... Self Employed since 1986 Experienced in all Scheds
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Question about county/city transfer tax in CA. I own two

Customer Question

Question about county/city transfer tax in CA.

I own two rental properties in my name and i plan to transfer them to an LLC which i own 100% for asset protection reason. Do i need to pay transfer tax? What's the most economical way to do this transfer? Since the value of the properties have dropped since the purchase, can I *sell* it to the LLC at market price so that the properties will be reappraised at current market price to save property tax in the long term?
Submitted: 5 years ago.
Category: Tax
Expert:  Zip Taxes replied 5 years ago.

Zip Taxes :

Welcome to Just Answers, I will do my best to Answer your Question.

Zip Taxes :

I do not know that answer to this question, but I do know of who or whom you can contact which you can get the information.

Zip Taxes :

If you know of anyone who works in Escrow Office or if you know of any Title Reps, they can answer this with you and may be able to send the proper forms to file.

Zip Taxes :

I'm going to give you a name and number of someone here in Orange County, CA that you will get a good answer.

Zip Taxes :

His name is Wes and he works for Lawyer's Title which they are everywhere in CA

Zip Taxes :

714.588.2982
His phone number is 714.588.2982 and his email is: [email protected]

Zip Taxes :

I hope this is helpful for you to save you some money.

Zip Taxes :

He great to work with and tell him that George sent you.