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QUIT CLAIM DEED VS DEED OF GIFT

QUIT CLAIM DEED VS DEED OF GIFT

Recently formed a non profit business that provides housing for physically disabled & financially disadvantaged persons. Have 3 properties that are now deeded to a for-profit LLC, but never made profit so formed non-profit and want to move properties over. VA tax code 58.1-811 hard to interperet, don't wanna mess with taxes. What are tax ramifications of transferring from for profit to non profit?


shuffin's picture
shuffin | 16-07-2012

2 Answers
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1
This is something which your tax adviser will be able to clarify. I will suggest you to contact a tax adviser immediately in this regard.

smith.sussane | Asked on 2012-07-16


1
I agree with Sussane. A tax professional will be of great help to you in this matter.

adonis | Asked on 2012-07-17

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