Posted on: 15th Jul, 2010 07:07 am
i would like to buy out siblings of a home we inherited in a trust. what is the best way to go about this. and what are the tax implications?can i get a mortgage on the home i already own to pay for this? and just pay them off?
Hi mju,
You should check out whether or not your siblings agree to such a transaction. If they agree to the deal, then you will have to offer them a stipulated sum of money and ask them to sign a quit claim deed and transfer the property to you. As far as the mortgage is concerned, you need to take out the loan on the whole property. As far as the taxes are concerned, it's better to take the help of a tax adviser. He'll be able to help you in a better way in this regard.
You should check out whether or not your siblings agree to such a transaction. If they agree to the deal, then you will have to offer them a stipulated sum of money and ask them to sign a quit claim deed and transfer the property to you. As far as the mortgage is concerned, you need to take out the loan on the whole property. As far as the taxes are concerned, it's better to take the help of a tax adviser. He'll be able to help you in a better way in this regard.