Transferring property to your child? Here's what to do Q: My husband and I want to give or sell our house to our newly married daughter, who is our only child. She will inherit the house when we pass and receive the benefit of the stepped-up basis at that time, but we hope to be [...]
How to avoid paying capital gains tax on inherited property. Minimize the potential tax consequences of transferring property from parent to child. Q: I have a question about a recent answer you gave to a reader. The question relates to a daughter that acquired her share of the home from her mom while her mom [...]
Using an LLC to transfer property from parent to child. This reader wants to know how to avoid future gift taxes transferring property to their son’s LLC. Q: We are subscribers to Ilyce’s Expert Real Estate Tips YouTube channel. Thanks so much for sharing such good advice and tips. We jointly bought a rental property [...]
How to transfer ownership of a house with unpaid taxes. This reader's wife wants to transfer her joint tenancy ownership in a property with back taxes due. Q: My father-in-law transferred ownership in his house in Michigan to his four daughters as joint tenants before his death a couple of years ago. Now, my wife, [...]
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.