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  1. #1

    Default Re: LLC Ownership of Rental Property

    If you are the only owner of the LLC, you would report your taxes the same way you probably do now, assuming you're a sole proprietor. That simply means you own rental property but are not a legal entity. If your LLC has more than one owner, such as you and your spouse, the LLC files a separate tax return.

  2. #2

    Default Re: LLC Ownership of Rental Property

    Here are eight steps on how to transfer property title to an LLC:

    1. If you have a mortgage on the property, contact your lender.
    2. Form an LLC, if you haven’t already.
    3. Obtain a Tax ID number and open an LLC bank account.
    4. Obtain a form for a deed.
    5. Fill out the warranty or quitclaim deed form.
    6. Sign the deed to transfer property to the LLC.
    7. Record the deed.
    8. Change your lease.

  3. #3
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: LLC Ownership of Rental Property

    Quote Quoting settlementquick
    View Post
    Here are eight steps on how to transfer property title to an LLC:

    1. If you have a mortgage on the property, contact your lender.
    2. Form an LLC, if you haven’t already.
    3. Obtain a Tax ID number and open an LLC bank account.
    4. Obtain a form for a deed.
    5. Fill out the warranty or quitclaim deed form.
    6. Sign the deed to transfer property to the LLC.
    7. Record the deed.
    8. Change your lease.
    There is a bit more to it if you really want to do it right. The OP may want to see a business or real estate attorney to see exactly what ought to be done. After the first time or two of doing it it may not be necessary to have a lawyer to do most of what is needed.

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