I want to Quitclaim a piece of property to my new LLC. Will there be a gift tax?
20-Feb-2009
It depends on several factors. My first suggestion would be to consult an accountant with that question. The Tennessee Department of Revenue can enforce a gift tax to certain transfers and there is the potential for a federal gift tax in certain transfers also. The specifics of the rules can be obtained from a licensed accountant.
It depends on several factors. My first suggestion would be to consult an accountant with that question. The Tennessee Department of Revenue can enforce a gift tax to certain transfers and there is the potential for a federal gift tax in certain transfers also. The specifics of the rules can be obtained from a licensed accountant.
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