Posts Tagged ‘Parents’
Buying a home with parents-in-law as investors: - How to structure the purchase to protect all involved?
Saturday, December 26th, 2009My wife and I are buying a house. My parents in law want to invest in this house too, so are putting 0k into it (cash). We will get the balance via a mortgage and will live in the house paying all living expenses. Parents in law are doing this purely as an investment, meaning that when we sell in a few years they want to extract their profit relative to how much of the property they own.
We want to make sure we can take advantage of mortgage interest tax deductions, homestead exemption etc. They want to make sure they don’t have to pay tax on any profit they make.
How do we do this? Do they ‘gift’ us the money, then after we close do a Quitclaim deed? if we do that, when we sell the house can we split the proceeds any way we want?
Or do we do this as an ‘on-demand’ loan from them?
Or do we do this as a joint investment and close together?
It seems more complicated than it needs to be.
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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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Do I qualify for the first-time home owner’s tax credit if my name is on the deed of my parents’ house?
Wednesday, October 7th, 2009For estate planning purposes, my name is on the deed of my parents’ house in another state. I have never owned a home of my own. Do I qualify for the ,500 tax credit?
