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Quit Claim Deed- Has anyone done one? #6729707
01/15/20 09:38 AM
01/15/20 09:38 AM
Joined: Oct 2012
Posts: 959
Wisconsin
E
Eagleye Offline OP
trapper
Eagleye  Offline OP
trapper
E

Joined: Oct 2012
Posts: 959
Wisconsin
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. Im planning on doing a Quit Claim Deed on the lake home and 120 and making the grantee the LLC. Heres my question:
The process is straight forward and easy to do- is there any tax basis consequences or other pitfalls anyone has experienced?

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729714
01/15/20 09:44 AM
01/15/20 09:44 AM
Joined: Dec 2006
Posts: 27,735
Northern Maine
Bruce T Offline
trapper
Bruce T  Offline
trapper

Joined: Dec 2006
Posts: 27,735
Northern Maine
Quit or quick?

Re: Quit Claim Deed- Has anyone done one? [Re: Bruce T] #6729720
01/15/20 09:47 AM
01/15/20 09:47 AM
Joined: Mar 2007
Posts: 28,424
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 28,424
McGrath, AK
Originally Posted by Bruce T
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


Mean As Nails
Re: Quit Claim Deed- Has anyone done one? [Re: white17] #6729724
01/15/20 09:49 AM
01/15/20 09:49 AM
Joined: Jul 2008
Posts: 84
wisconsin
D
daveharmon Offline
trapper
daveharmon  Offline
trapper
D

Joined: Jul 2008
Posts: 84
wisconsin
Ive done 2 quit claim deeds in Wisconsin, no problems at all.

Re: Quit Claim Deed- Has anyone done one? [Re: white17] #6729727
01/15/20 09:55 AM
01/15/20 09:55 AM
Joined: Dec 2006
Posts: 27,735
Northern Maine
Bruce T Offline
trapper
Bruce T  Offline
trapper

Joined: Dec 2006
Posts: 27,735
Northern Maine
Originally Posted by white17
Originally Posted by Bruce T
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

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.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729730
01/15/20 09:56 AM
01/15/20 09:56 AM
Joined: Dec 2006
Posts: 27,735
Northern Maine
Bruce T Offline
trapper
Bruce T  Offline
trapper

Joined: Dec 2006
Posts: 27,735
Northern Maine
Have done it a number of times with no problems.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729733
01/15/20 09:59 AM
01/15/20 09:59 AM
Joined: Sep 2008
Posts: 4,965
Newark, Ohio 79 years
Actor Offline
trapper
Actor  Offline
trapper

Joined: Sep 2008
Posts: 4,965
Newark, Ohio 79 years
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-


Don't pick a fight with an old man. If he is too old to fight, he'll just kill you.

Have been trapping 73 years WILL be LAST one.
Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729736
01/15/20 10:01 AM
01/15/20 10:01 AM
Joined: Dec 2006
Posts: 27,735
Northern Maine
Bruce T Offline
trapper
Bruce T  Offline
trapper

Joined: Dec 2006
Posts: 27,735
Northern Maine
I always had my lawyer handle mine.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729750
01/15/20 10:26 AM
01/15/20 10:26 AM
Joined: Jun 2015
Posts: 1,824
rogers city mi.
J
jeff karsten Offline
trapper
jeff karsten  Offline
trapper
J

Joined: Jun 2015
Posts: 1,824
rogers city mi.
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


olden tyred
Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729754
01/15/20 10:35 AM
01/15/20 10:35 AM
Joined: Jan 2008
Posts: 4,234
Alaska and Washington State
W
waggler Offline
trapper
waggler  Offline
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Joined: Jan 2008
Posts: 4,234
Alaska and Washington State
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.


My life is better than your vacation
Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6729795
01/15/20 11:07 AM
01/15/20 11:07 AM
Joined: Jan 2007
Posts: 13,025
MN
1
160user Offline
trapper
160user  Offline
trapper
1

Joined: Jan 2007
Posts: 13,025
MN
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!


I have nothing clever to put here.





Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730425
01/15/20 08:07 PM
01/15/20 08:07 PM
Joined: Dec 2006
Posts: 1,387
Duluth, MN
C
Clark Offline
trapper
Clark  Offline
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Joined: Dec 2006
Posts: 1,387
Duluth, MN
Originally Posted by Eagleye
...The process is straight forward and easy to do- is there any tax basis consequences or other pitfalls anyone has experienced?


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.


Common sense is the collection of prejudices acquired by age eighteen. -Albert Einstein
Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730615
01/15/20 10:43 PM
01/15/20 10:43 PM
Joined: Aug 2010
Posts: 5,491
Asheville, NC
C
charles Offline
trapper
charles  Offline
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Joined: Aug 2010
Posts: 5,491
Asheville, NC
I quest youre cost basis is not changed. No idea. Better check.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730617
01/15/20 10:44 PM
01/15/20 10:44 PM
Joined: Mar 2010
Posts: 312
Upstate, S.C.
C
Carcat Offline
trapper
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Joined: Mar 2010
Posts: 312
Upstate, S.C.
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.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730660
01/15/20 11:11 PM
01/15/20 11:11 PM
Joined: Sep 2010
Posts: 309
MI.
F
Feedinggrounds Offline
trapper
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Joined: Sep 2010
Posts: 309
MI.
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.


your only allowed so many sunrises... I aim to see every one of them!
Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730799
01/16/20 05:42 AM
01/16/20 05:42 AM
Joined: Oct 2012
Posts: 959
Wisconsin
E
Eagleye Offline OP
trapper
Eagleye  Offline OP
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Joined: Oct 2012
Posts: 959
Wisconsin
Good feedback, I always use an attorney for these transactions and might consult a CPA for some of the tax basis questions.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730803
01/16/20 05:53 AM
01/16/20 05:53 AM
Joined: Dec 2006
Posts: 5,062
Philippines,,ohio
west river rogue Offline
trapper
west river rogue  Offline
trapper

Joined: Dec 2006
Posts: 5,062
Philippines,,ohio
did one with ex in 2000,can be as easy or as hard as you want to make it here.

Re: Quit Claim Deed- Has anyone done one? [Re: Eagleye] #6730965
01/16/20 09:06 AM
01/16/20 09:06 AM
Joined: Jan 2008
Posts: 4,234
Alaska and Washington State
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waggler Offline
trapper
waggler  Offline
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Joined: Jan 2008
Posts: 4,234
Alaska and Washington State
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.

Last edited by waggler; 01/16/20 09:08 AM.

My life is better than your vacation
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