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A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.
The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.
For answers to all your real estate questions, consult experienced professionals who are familiar with this area.
Real Estate has been my business for over 30 years. I am serious about doing it right! My past success comes from giving each of my clients the loyalty, professionalism and personal care that they deserve. I have received many prestigious awards through the years, but the best awards are the satisfied clients that keep coming back and who continue to send their family and friends for all their real estate needs.
My own family has joined with me over the years to offer the best service available. My youngest daughter got her license 12 years ago. My oldest daughter helps the team with administrative matters. My husband is our "Handy Man" and makes himself available to our clients to help with finishing touches or minor updates/remodeling.
Our team is unique, gracious and willing to do whatever it takes to make you a satisfied client. It has been our pleasure to help people from all walks of life with their real estate needs.
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