Posts Tagged ‘Inheritance’
Parents selling home & moving in with me, how can they avoid capital gains tax?
Saturday, November 21st, 2009My boyfriend and I just bought a house (110K lien), and his parents will be moving in with us, in a garage-converted apartment. Parents are selling thier house for k to my boyfriend’s older sister. Since they are close to 80 and have no other assests, we are trying to invest legally but avoid capital gains. Should that 80k be paid on our house and add the parents to the title, or should the deed to the original house be passed as a "gift" to the sister and sister pay mom & pop under the table? Or should the 80k be split between all 7 of mom & pop’s children as an inheritance (even though both are alive, they do not have a will). Let me know what options exist.
The parent’s home is a single-wide mobile home on a permanet foundation on 1 1/2 acres of land in Maryland. They bought the land & the mobile home in the early 1980s and have owned & occupied it since then.
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Inherited money from property sold with gas production. Suggestions on how to minimize tax?
Monday, September 21st, 2009How to minimize tax burden on $ "inherited" from property sold to gas company. Land was deeded to grandchildren about a decade ago. Royalities from gas production have been split evenly during this time. They now have a buyer. How should proceeds be handled after distribution? Is this considered an inheritance? capital gain from sale? Are there certain ways to invest it that are better than other? short-term and long-term benefits? Pros or Cons?
