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Updated over 2 years ago,

User Stats

6
Posts
2
Votes
Patrick White
  • PNW
2
Votes |
6
Posts

Tax mitigation strategy - sale of property or transfer of title

Patrick White
  • PNW
Posted

Situation - we purchased a property with my daughter and SIL 3 years ago. We put up 1/2 down payment, they put up 1/2 down payment. Property mortgage was taken out by my wife and me - kids are not on mortgage or title.  Property used as 2nd home. Kids want to buy a bigger home and we're trying to strategize the best way to proceed. Property has appreciated quite a bit and obviously, we'd like to legally keep as much as possible. 

Our focus is on selling the property and having them use the proceeds to help pay for the new home. My local CPA said there's nothing we can do in the near term. Tax will be due on the entire net proceeds.

Looking for a tax or real estate attorney to consult with and see if there is a different opinion. Any recommendations?

Thanks

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