I’d like to transfer a lot of land from my personal name into an LLC that will have 50% ownership of me and 50% parents. The lot was less than 10k. When i am going to do the quitclaim deed, what is the amount i should add? Does the amount impact taxes at all?

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What are you trying to accomplish by doing this?

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Talk to a real estate lawyer in your state

I want to develop this land and have it under a llc that will protect me from any liability.

We’re 50% partners on the deal.

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All the usual caveats. But I would draft the deed for $10 consideration conveyed to the LLC and record it. I’ve done it that way before. For myself and clients. Just make sure you don’t have a mortgage on it because that could trigger a due on sale clause. But I would run it by a lawyer in your state. What you also need is an LLC agreement geared toward owning and developing real estate. Make yourself the manager with the right to break a tie between the members, etc.

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