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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53697
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have a client who owns and llc, now he is closing the last

Customer Question

I have a client who owns and llc , now he is closing the last in Florida and opening one in Delaware. The other accountant told him that he couldn't transfer the properties through a quick claim deed to the new llc , technically is the same owner and no money is involved. Can anyone tell me the steps that I need to do this please do I can advice the client is have seen it done all the time.
They client doesn't need to llc with one is enough.
Submitted: 7 months ago.
Category: Tax
Expert:  Richard replied 7 months ago.

Good morning. My name is ***** ***** I look forward to helping you.

To transfer a property by quit claim deed, the owner of the property simply needs to sign the deed transferring title from the owner to the recipient. The deed needs to be witnessed, notarized, and then recorded in the real property records of the city/county in which the property is located. That's it! Let me know if you need a template for the quit claim deed.

Customer: replied 7 months ago.

My question. All a raise from the tax point of view is from an llc to another one same owner no money involved

Expert:  Richard replied 7 months ago.

It would be a non-recognition contribution to the new LLC from the old LLC in exchange for an interest in the new LLLC. Then, when the old LLC is dissolved, the interest in the new LLC would be distributed to the owner.

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