I want to set up a real estate LLC in Florida. Will I need to pay the tax stamp every time I move a property into or out of the LLC?
Any suggestions about using these $150 services on the web to set it up?
You may remember my previous question about setting up an LLC in Florida. I did use an attorney to set it up and then transferred the property into it using a warranty deed. Now the state says we owe $1,500 based on the outstanding loan amount that was on the property. The attorney we used to set up the LLC says, "not so" since only the form of ownership changed rather than the actual ownership. We got the tax bill today. Any suggestions on how to fight this? If we have to pay the tax, do you think the attorney owes us the $750 he charged for setting up the LLC?
It isn't economically feasible to pay $3,000 every three years when the balloon payment is due ($1,500 to put back in our names to refinance and then $1,500 to put it back in the LLC). We even asked the attorney about this before he set up the LLC so we are really upset!
BTW: The property is 2 lots with a trailer on it that we rent out so we can't get anything more than a 3 year loan since it is considered undeveloped property. So a longer loan is not a possibility.
Thanks for your help.