We are currently renting a house from my parents. Their tax basis is roughly 1/10 of its current value. We would like to buy 60% of the house initially, and pay off the rest to my parent's over time. What would the tax consequences be and what would the best way to do this - or should we just continue to rent and buy another investment property?
2007-03-26 15:11:06 · 5 answers · asked by Stacy J 1 in Business & Finance ➔ Renting & Real Estate
Buy it on a land contract. You dont want to continue to throw money away by renting. Good luck!
2007-03-26 15:14:51 · answer #1 · answered by laura D 2 · 0⤊ 0⤋
Discuss the details with your parents. If they can not help you figure out the business at hand, ask them who they know that can explain the best arrangement.
Otherwise you may need to talk to a Home Mortgage Adjuster.
2007-03-26 22:17:21 · answer #2 · answered by d4d9er 5 · 0⤊ 0⤋
These things get complicated, spend a few bucks and ask an accountant what the ramifications are, and how best to set up the sale/purchase.
2007-03-26 22:45:10 · answer #3 · answered by bob shark 7 · 0⤊ 0⤋
if you have the same last name, you can just do a grant deed put you on title, then do a quit claim and take your parents off title then the house is legally your
2007-03-26 22:15:21 · answer #4 · answered by josephcodner 2 · 0⤊ 0⤋
um...I have no idea really.
I guess you could give them an amount they couldn't refuse, or as bad as it sounds, wait until they are resting in peace and you just get the house.
2007-03-26 22:14:37 · answer #5 · answered by Broadway Here I Come! 2 · 0⤊ 0⤋