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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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Where are church services held in the water each Sunday during July and August?
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At Half-Moon Bay, Ontario, worshippers gather in boats facing the natural stone pulpit, and hymnals are passed to the floating congregation by ushers in canoes. |
 See More Real Estate Trivia > |
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Jeff Miloff Team
Miloff Aubuchon
4707 SE 9th Place
Cape Coral, FL 33904
239-541-3723
Fax: 239-542-7166
JeffMiloff@NUMBER1EXPERT.com
Originally from south Florida, Jeff has helped hundreds of clients find the perfect home in paradise.
Jeff serves on the senior management team for Team Aubuchon, and is past President of the Board of the Cape Coral Association of Realtors.
He also participates in many community charity events, including The Board of Directors for The Ronald McDonald House.
Count on Jeff to be an optimist no matter the situation. Call Jeff today to help you find your piece of paradise, 239.541.3723.
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