Transferring property into MMLLC w/o transfering mortgage
Hello does anyone know if it is possible to transfer a property that I own into an LLC that I have 20% ownership in, while still maintaining 100% ownership of the mortgage attached to the property? The mortgage on the property is much larger than my basis in the LLC and I do not want to create a large tax liability by transferring the property AND the mortgage into the LLC. I just want to transfer the property but not the mortgage. I also do not plan on receiving additional equity in the LLC. Any tips/ideas are greatly appreciated. Thanks!
EX:
The total basis of the properties in the LLC is 310,000. I own 20% so I have a 60,000 basis. I wish to transfer a property worth 300,000 but with a 220,000 mortgage attached to it, without transferring the mortgage to the LLC. My goal is to increase my basis by 80,000 without receiving any additional equity.