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<blockquote data-quote="LittleDudesMom" data-source="post: 599495" data-attributes="member: 805"><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px">We have sold a number of properties over the years for "consideration of one dollar" but they were all within the family. There are quite a number of things to consider, i.e., if he were to sell the house and it was gifted at a low price, he would be responsible for capital gains on the difference which could be a huge burden so you need to determine a gift income tax basis or whether the gift would qualify for the reassessment rule. There are a bunch of other issues to consider so Hope's suggestion of either a tax or financial advisor before you proceed is a very valid one</span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px">. You don't want his annual monies to you to be involved at all because you then could be taxed if the IRS sniffed and thought it was really for future home ownership.</span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px">This would definately be an issue for the professionals.</span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px">What was the latest assessment number? If it's going to be several years is it worth waiting to make a decision or would you be using the annual money from him to pay bills and not put in savings? I also assume you own the home outright?</span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px"></span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px">Sharon</span></span></p><p><span style="font-family: 'comic sans ms'"><span style="font-size: 12px"></span></span></p></blockquote><p></p>
[QUOTE="LittleDudesMom, post: 599495, member: 805"] [FONT=comic sans ms][SIZE=3]We have sold a number of properties over the years for "consideration of one dollar" but they were all within the family. There are quite a number of things to consider, i.e., if he were to sell the house and it was gifted at a low price, he would be responsible for capital gains on the difference which could be a huge burden so you need to determine a gift income tax basis or whether the gift would qualify for the reassessment rule. There are a bunch of other issues to consider so Hope's suggestion of either a tax or financial advisor before you proceed is a very valid one . You don't want his annual monies to you to be involved at all because you then could be taxed if the IRS sniffed and thought it was really for future home ownership. This would definately be an issue for the professionals. What was the latest assessment number? If it's going to be several years is it worth waiting to make a decision or would you be using the annual money from him to pay bills and not put in savings? I also assume you own the home outright? Sharon [/SIZE][/FONT] [/QUOTE]
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