Transferring ownership to an LLC
I am about to purchase an investment condo, which I am planning on renting out. I am getting an investment condo loan from my lender and am putting 25% down.After purchasing the condo I want to transfer ownership to an LLC of which I have 50% ownership of. Is this possible? And if not does anyone have any ideas of how to do this? I heard that when you transfer ownership from an individual to an LLC which they have ownership in it isn't a taxable event. by mtsuzyq55 from Mount Vernon, New York. Jan 10th 2011
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Your current lender should be able to help you with this question as well as your CPA who put your LLC together....
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Some lenders will allow the borrower to put the loan in a corporation or a trust with a personal guarantee. .... That way you don't have to jump through more hoops later. .... Ask your lender if this is offered. .... Happy funding, Rudi
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