Q: Are there transfer fees involved when you quit claim property from an LLC to the sole owner of the LLC?
I received a letter from the state asking why a transfer fee exemption was used. I quit claimed the property myself and am not sure what they are referring to?
A: Generally transfers between an LLC and the sole member of the LLC are exempt from the Wisconsin Real Estate Transfer Fee. Section 77.25 (15s) of the Wisconsin Statutes governs and states that the transfer fee does not apply to a conveyance ....... Between a limited liability company and one or more of its members if all of the members are related to each other as spouses, as lineal ascendants, lineal descendants or siblings, whether by blood or by adoption, or as spouses of siblings and if the transfer is for no consideration other than the assumption of debt or an interest in the limited liability company.
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