Philadelphia transfer deed to LLC

[Phillip T.]

Hello all , 

I have a rental property in the Philadelphia area and looking to transfer the deed into new LLC. I have read on forums that QuitClaim is the process to transfer to LLC, does anyone know if I will need to pay Transfer Tax fees, and if my situation falls under the $1 deed transfer? This property is paid off , no loans attached to his property. Thanks !

[Ethan Giller]

Unlike most other states, PA does require you to pay transfer tax to transfer between LLCs, even if the ownership structure isn't changing. If it's a related-party transaction, the transfer tax is based on the tax assessed amount, not on the amount shown on the deed. Check with your accountant or attorney for more detail though.