Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question. If you read your mortgage it probably says that if you transfer the title to your properties, the loan will be immediately due and callable. That means you'd have to pay off the mortgage immediately. That's a little extreme, and for the most part banks don't keep track of property ownership unless you stop making payments. If you are worried about this, you would simply need to contact your lender and ask for permission to do this, in writing. They should grant it.
There will be no tax consequences, and if you are a single member LLC you will continue filing your tax return
the same way you do now. The IRS
disregards XXXXX XXXXX LLCs, and therefore they have no separate reporting
If you brought a second member into the LLC, then you would file a 1065 partnership
return. However, it's not possible to file a partnership return by yourself, which is why the IRS disregards XXXXX XXXXX LLCs.
Hope this helps. Please let me know if you need anything additional.
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