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Call anytime Toll Free in the U.S. at 1-866-765-3297 or directly at 305-742-3435 or Email: RonFillion@Gmail.com
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Tax Considerations >Not at ARMs Length
A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.
The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.
For answers to all your real estate questions, consult experienced professionals who are familiar with this area.
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What was a sure way to accumulate wealth through the 1970s and early 1980s?
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Many people made their fortunes in real estate during this period. |
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Crossland Mortgage Best mortgage broker in town: Steve Fox, President of Crossland Mortgage www.crosslandmortgagefunding.com MortgageGuyFla@aol.com Find Out More > View All Affiliates >
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