Buying parents home under a LLC for low price

[Becky Bates]

Could I buy my parents house under an LLC for say $5000 and keep it as an asset deferring the capital gains tax into another property?

[Account Closed]

Maybe. 

However if you wait until you inherit the house, there won't be any capital gains.You will have a new basis at the time of inheritance. 

It's unclear what you are trying to accomplish. They are too many missing answers.

I would definitely talk to a CPA or tax attorney on this one. Depending on the numbers, you could be making a huge mistake.

[Evan Keturakat]

Becky, what did you end up doing on this? I am looking at a similar scenario and plan to purchase a vacant home of my parents (one that is paid for) under my real estate LLC. For the purpose of fixing it up and renting it for an income. I have not yet spoke to a real estate attorney on this but am looking into it. Any help would be great.