Anyway to avoid transfer tax in New Jersey??

[Erica L.]

Hey all,

I recently closed on a duplex in NJ and now I would like to transfer the property into my LLC. I'm wondering if there's anyway to avoid transfer tax when doing a quit claim on the deed. I personally own the property and I also own 100% of the LLC.

I recently talked to a real estate attorney who said the only way for me to get around it would be to pay off the mortgage... which is not currently possible.

To add another layer of complexity, the LLC is registered in PA and the properties I want to transfer are both in Jersey.

Any insight/recommendations would be GREATLY APPRECIATED! :-)

~Erica