Transferring deed to LLC: Consideration and Transfer Tax?
Hello,
My father is seeking to transfer a paid off SFR rental property in Florida from his name to a newly formed LLC, under his and my mother's administration.
I have researched that there is a transfer tax based on the "consideration" of the exchange in title owner.
Is it possible to have the consideration be something minimal, like $10, or does it have to be the actual appraised value of the house? If charged transfer tax on the appraised value, that would be thousands of dollars. Note we are not actually selling to a buyer, only transferring ownership to my dad's new LLC.
How can we minimize transfer tax in Florida for this?
Thanks for your help!