Real Estate Gifts? Estate Tax? Laws.......

[Andrew Jones]

Hi


I know I need to talk to a lawyer. I want to get some idea of what to expect. I would appreciate any real info someone could give me.

Can someone give someone a home?

Can it be sold for a dollar?

Does the length of time owned by first owner effect this?

Does it make a difference if it's parent to son?


Thanks


Andrew

[RWP]

Yes, your parents can give you the home but you will pick up their cost basis at the time of resale. That means if they paid 30k for it years ago and sell it for 300k you will pay tax on the profit. On the other hand if you inherit it, your cost basis will be the assessed value at the time of the transfer. In this case you will pay much less tax. This is how I think all this works, I am not an accountant so maybe you will get some different answers.

[peterbright]

You haven't posted enough information for an appropriate response.

[fenderhutz]

You are still liable for most taxes, and you will need to pay the actual assessed value yearly. When a transfer of deed happens usually you will have to pay the tax transfers as well. You are probably looking at a couple thousand dollars for tax stamps etc.

Also I would highly recommend having a closing attorney handle all of the documents to make sure they get filed properly and your property doesn't end up on the courthouse steps unbeknownst to you due to paperwork not being filed properly and you have property and local taxes floating around.

You will need to talk to a lawyer, I doubt many people on here know the exact laws of your state.

[Wilbyman]

Originally Posted by fenderhutz

You are still liable for most taxes, and you will need to pay the actual assessed value yearly. When a transfer of deed happens usually you will have to pay the tax transfers as well. You are probably looking at a couple thousand dollars for tax stamps etc.

Also I would highly recommend having a closing attorney handle all of the documents to make sure they get filed properly and your property doesn't end up on the courthouse steps unbeknownst to you due to paperwork not being filed properly and you have property and local taxes floating around.

You will need to talk to a lawyer, I doubt many people on here know the exact laws of your state.

Fender, even your information (in the first paragraph) isn't really accurate in West Virginia let alone Oregon. If you are involved in a significant transfer, you need to talk to an attorney in the state the property is located in.

I see more FUBAR situations involving real estate than anything else, simply b/c someone was too cheap to pay a few hundred bucks to talk to a lawyer. I mean, stuff that will mess up your finances in a bad bad way.

W

[FL Knifemaker]

Talk to a lawyer. Therer are too many variables to cover here in OT. I'm going through this with my mother right now. With what's a stake, you really should have a good, LOCAL, financial advisor that you can trust.

[fenderhutz]

Wilbyman have you gone through this process before? I was explaining that when the deed transfers to his name regardless of sale he is going to be probably responsible for the local and property taxes, including transfer stamps as I a have been in my county for the last 5 houses I have bought and sold in the last 6 years. I am glad you are sure you know the requirements of my county half a state away.

The information may not pertain to him, but it is accurate, at least for my PITA county.

That's why I said he really shouldn't ask on here and talk to an attorney. It's like asking about divorce laws, you are going to get 85 ways to Sunday how it's going to be handled and nothing pertaining to your local authority.


(Man I am really starting to hate the arrogance on here, it's just a forum people......really)

[Jeremy Crockett]

Pay them with pennies and empty ketchup packets.

[Andrew Jones]

Thanks guys,,,,,Just letting you know that I am reading these.


It will be in Mass.




Aj