My question involves real estate located in the State of: NY
Three years ago I transferred title of a family property into a NY State LLC whose members are myself and my wife. As allowed, the "Organization Agreement" required by the NYS Dept of State has never been published or released. The property had been in my name. An appraisal was obtained just before thew transfer of title. There was no State Transfer tax at the time since it was just a change in form of ownership. My Primary Question: Can I now transfer the propriety back into my name, or my wife's name ? I believe there would be no transfer tax as before. I would obtain another appraisal at this time and expect no increase in fair market value.
Three years ago I transferred title of a family property into a NY State LLC whose members are myself and my wife. As allowed, the "Organization Agreement" required by the NYS Dept of State has never been published or released. The property had been in my name. An appraisal was obtained just before thew transfer of title. There was no State Transfer tax at the time since it was just a change in form of ownership. My Primary Question: Can I now transfer the propriety back into my name, or my wife's name ? I believe there would be no transfer tax as before. I would obtain another appraisal at this time and expect no increase in fair market value.
Transferring Property Back Out of a New York State LLC
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