Legal Question in Real Estate Law in Florida

price listed on quit claim deed form

I am planning on formally consulting a real estate attorney on this matter, but would like to ask a question. I own a tract of land and the deed has my name listed as owner. I recently formed a LLC in FL and would like to file a quitclaim deed to transfer it to the LLC.

My question is regarding the selling price. I paid $29,000 for it 9 months ago. I would like to list the selling price as $100, so that I will not have to pay alot to the dept of revenue (70 cents for each $100). Granted it's not alot, but it's about $200 and I'd rather not pay it unless required. Am I sacrificing any future protective benefits of the LLC by not paying fair market value to myself from the LLC? (I am the only person in the LLC)

Any help is appreciated. Thanks.


Asked on 8/13/03, 9:39 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: price listed on quit claim deed form

What you propose is done all the time. Good luck.

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Answered on 8/13/03, 9:41 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: price listed on quit claim deed form

You sure can. But have you considered the effect when you sell and the impact of capital gains tax? I would venture a guess that what you save now will be amply offset later. But discuss it with your real estate attorney.

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Answered on 8/14/03, 1:40 am


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