Transferring Rental property to LLC recently created - Miami Dade

Tax, SDIRAs & Cost Segregation
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Transferring Rental property to LLC recently created - Miami Dade

David Balogun
Flipper/Rehabber · Miami, FL · Member since 2016 · 20 posts · 9 votes

Any suggestions or anyone in Miami or Florida in general that has gone thru this process?

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Richard Sherman
Rental Property Investor · Salem, OR · Member since 2017 · 696 posts · 660 votes
7y

@David Balogun almost certainly they will not give you a release to move the property into the LLC...now will they ever find out, that's another question. There are a lot of discussions on this, I would search moving deed into llc and read on those a bit.

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  • Richard Sherman
    Rental Property Investor · Salem, OR · Member since 2017 · 696 posts · 660 votes
    7y

    Do you have a loan on the property and if you do is it a personal mortgage in your name?

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  • David Balogun
    OP
    Flipper/Rehabber · Miami, FL · Member since 2016 · 20 posts · 9 votes
    7y

    @Richard Sherman i do have it in my name currently with a mortgage. Its gonna be a year in October. 

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  • Richard Sherman
    Rental Property Investor · Salem, OR · Member since 2017 · 696 posts · 660 votes
    7y

    @David Balogun almost certainly they will not give you a release to move the property into the LLC...now will they ever find out, that's another question. There are a lot of discussions on this, I would search moving deed into llc and read on those a bit.

    1Reply
  • Daniel DietzPro Member
    Rental Property Investor · Reedsburg, WI · Member since 2011 · 1k+ posts · 857 votes
    7y

    There has been talk on here that IF it is a Fannie loan, NOT a Freddie, VA, FHA that there are new options to transfer. Do a little seaching here and you might be surpirsed

    [email protected]608-524-4899
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  • Lance LvovskyPro Member
    Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
    7y

    @David Balogun

    Yes many folks go through this. An attorney will need to get involved and run it by your CPA to confirm tax implications.

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