Pls, Advice to transfer mom's property to me (Pennsylvania), TY
Happy FriYaY BP Fam, Thank you for your time
Scenario:
My mom has a Philly rental property that and would like to transfer house/deed from my mom to me and my sister. We ultimately want to then put the house under an LLC to rent and for liability purposes.
Please, seeking guidance on the approach to handle this efficiently from a tax perspective and from a paperwork perspective to transfer to myself/sister and then to LLC. The other thing is I happened to create the LLC already using legal zoom.
Goal: is so that my sister and I have an asset under our name so we have a better chance to accessing capital in the market for REI.
Other Q's:
1. Can actual ownership of the property be accomplish through just transferring the house to the LLC, where my sister and I are 50/50 owners on the LLC? .... Or do we actually need to transfer the deed from mom to us?
2. What is the best approach to minimizing the amount of transfer taxes? Is it avoidable at all?
3. Other variables I should be considering in this approach?
4. We were thinking about gifting from mom to us or selling for $1, any thoughts on this approach as it relates to efficiently transferring to my sister and I and then ultimately the LLC?
THANK YOUUUU Would appreciate your feedback and advice.
Enjoy the holiday weekend.