familie realestate
This is a discussion on familie realestate within the Other Real Estate Law Matters forum, part of the REAL ESTATE & PROPERTY LAW category; Wisconsin,I am buying my Dads property. It is assessed at 150,000 dollars and he is selling it to me for ...
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Jun 30th, 2009, 09:43 PM
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familie realestate
Wisconsin,I am buying my Dads property. It is assessed at 150,000 dollars and he is selling it to me for 100,000 dollars. His CPA said there are different rules for selling family to family. He told my Dad his is selling it to cheap and the IRS will not go for it. Can someone let me know what the truth is?
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Jul 1st, 2009, 01:26 PM
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Re: familie realestate
Your CPA knows you best, and he is likely correct.
If it is well below market value it can be a gift for the excess value and that can be taxable. But there are ways to structure it so work with CPA or others. |
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