Posted on: 14th Jan, 2008 10:33 am
Greetings,
I currently live in a condo that is owned by my parents. It is in Virginia. They purchased it in 1996 for $50k and I moved in at that time (they own and live in a different residence). Since then the mortgage has been paid off. The condo is currently valued at $350k.
We now want to transfer ownership from them to me. What are our options in structuring this transaction (or transactions) in such a way to limit our tax costs?
Thanks for any suggestions you can offer.
I currently live in a condo that is owned by my parents. It is in Virginia. They purchased it in 1996 for $50k and I moved in at that time (they own and live in a different residence). Since then the mortgage has been paid off. The condo is currently valued at $350k.
We now want to transfer ownership from them to me. What are our options in structuring this transaction (or transactions) in such a way to limit our tax costs?
Thanks for any suggestions you can offer.
contact a good accountant. from my standpoint, that is the best advice i can give you.
the easiest way is a quit claim deed. you can legally purchase the house for 1 dollar so that way there wont be any capital gains taxes.
I would add that you should should consult an attorney to see if you would have to pay taxes on the equity gained on this property.