Quit Claim Deed- Has anyone done one?

The majority of my hunting land is in a Limited Liability Corporation (I preferred that over a trust), I have a lake home and 120 acres that my wife and I owned prior to the formation of the LLC. I’m planning on doing a Quit Claim Deed on the lake home and 120 and making the grantee the LLC. Here’s my question:
The process is straight forward and easy to do- is there any tax basis consequences or other pitfalls anyone has experienced?

Quit or quick?

QUIT


Eagleye: I have done a couple quit claims over the last few decades with no problems. I just made sure to record the QC with the state recorder's office. Might be worth a couple hundred bucks to have an attorney in your state look it over before you pull the trigger

Ive done 2 quit claim deeds in Wisconsin, no problems at all.

Interesting.I never heard of them being called quit.Just looked it up.

Quitclaim Deed is a document that is used to transfer ownership of real property from one party to another. Quitclaim deeds are also sometimes called quit claim deeds or quick claim deeds because they are a fast way to accomplish real estate transfers.

Have done it a number of times with no problems.

Depending on the state there can be some associated costs. What I have seen in most states is that there are filing fees and I understand there can be some taxes charged in others. You need to check with your county offices.

Garry-

I always had my lawyer handle mine.

Agree with the above An attorney did mine after I went to a title company and that's the advice they gave me There are many different considerations dealing with medicare and extended care facilities and whether you want to be the principal owner or shared owner with your disignation

For what you want to do a quit claim deed is just fine. You would want a warranty deed, or I should say a buyer of your property would want a warranty deed guaranteeing that you have title to your property when you sell it. Quit claim deed is fine for transferring interest into a trust, l l c, or even to another family member.

One thing to consider is if you can still get "homestead credit" or whatever it is called in WI. Here a "primary residence" can't belong to an LLC and needs to be in an individuals name to receive a SUBSTANCIAL real estate tax break. The difference in my home place and 80 acres is around $6,000 per year!

If there is timber on the property and you think you might harvest some in the future you will be money ahead to have a timber basis established at the time the property changes hands. Granted, there has to be an exchange of money for the property which might not be the case but when forested land changes hands a timber basis should be established, unless you enjoy paying taxes on a timber sale that could have had net zero tax consequences.

I quest you’re cost basis is not changed. No idea. Better check.

I do them all the time, but I am a lawyer. You can amputate your own limbs too, but I advise you hire a surgeon to do it. Maintaining eligibility for Medicaid is just one of the many. many issues that can be raised by the conveyance of title to real estate. I know in South Carolina there are two basic types of LLCs and one is preferred over the other for protection from creditors. Trusts and LLCs are not mutually exclusive either.

I have done my share, along with purchase agreements, not hard really. I also pay a attorney to give them the look over. But I save money doing legwork myself. like courthouse matters and recording. Paying transfer taxes, recording fees. Attorneys charge for legwork, I don't blame them, some running around is involved.

Good feedback, I always use an attorney for these transactions and might consult a CPA for some of the tax basis questions.

did one with ex in 2000,can be as easy or as hard as you want to make it here.

I have bought a few pieces of timberland where the title company could not provide a title policy due to them not having the necessary information in their title plant. The seller did not want to warrant the title so I did my own title research and was satisfied that it was free of encumbrances.
Therefore the seller was provided safety by using a QCD.