Are there any government fee / tax involved in quitclaiming a property to a single memember LLC? The owner of the LLC and the property is the same person. Thanks.
- posted
11 years ago
Quitclaim in NJ
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- posted
11 years ago
single memember LLC? The owner of the LLC and the property is the same person. Thanks.
The cost, if any, of having your signature notarized on the deed and most probably a county recording fee. Recording fees for deeds may be a flat rate or more typically a rate per page with the first page at $X and subsequent pages at $X-Y.
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- posted
11 years ago
Talk to your local county assessor's office. There may be a fee for filing the new deed. There may be a transfer tax.
And if the transfer doesn't qualify as a tax free transfer in exchange for equity, there may be income tax if the value of the property is higher than the transferor's basis.
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