My Dad and Mom bought a house 40 years ago in New York for $34,000. My mom passed away 3 years ago The house is now in a trust with my sister and I for my Dad. The house is worth about $675,000 now. My Dad wants to now move , sell the house and get remarried. He only wants about$175,000. Can he give the house to me as a gift or sell it at lower than market value price to avoid taxes and capital gains and then I take an equity loan to give him the money he needs?
2007-05-06 16:15:01 · 4 answers · asked by TONJR 2 in Business & Finance ➔ Renting & Real Estate
There are a lot of ways to pass property. The best thing to do is to talk to a realestate lawyer. The tax laws have changed considerably over the last ten years. It is possible that you might not owe any taxes at all since there are three of you. A lawyer is the absolute best bet. If you call the NY state bar they can provide you with a referral consciltation which will cost you between 25&50 to get you started.
2007-05-06 16:24:37 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
It relies upon on the place you fall in a tax bracket. the shopper has to pay sales tax, inspite of the incontrovertible fact that that is a income which you will ought to pay earnings tax on in case you flow by potential of the letter of the regulation (a lot of human beings do not). Regardless, there is no magic line - it has to do with how lots funds you're making, what different factors are on your tax existence, and so on. do not worry approximately some magic tax that kicks in at 5 figures.
2016-10-14 23:26:37 · answer #2 · answered by dillbeck 4 · 0⤊ 0⤋
do it the legal way.....if the irs finds out you could spend 10 years in jail
do the right thing...pay your taxes.
2007-05-06 16:27:12 · answer #3 · answered by debbie2243 7 · 0⤊ 0⤋
refinance it and take a lot of cash out before you sell it.
2007-05-06 19:29:17 · answer #4 · answered by ron d 3 · 0⤊ 0⤋