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.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top Realtors. But we know that YOUR situation might be different. That's why we're here. It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. If you have any questions about these tips - or other tips you may have heard elsewhere - ask us! We'll respond quickly, for free, and without obligation...
| Q |
What is the world's most valuable piece of furniture?
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| A |
The 18th century Italian Badmiton Cabinet owned by the Duke of Beaufort sold in 1990 at Christie's, London for $15.1 million dollars. |
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