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Updated over 5 years ago, 08/19/2019

User Stats

880
Posts
918
Votes
Gregory Schwartz
Agent
  • Rental Property Investor
  • College Station, TX
918
Votes |
880
Posts

Grandfather want to sell beach house

Gregory Schwartz
Agent
  • Rental Property Investor
  • College Station, TX
Posted

BP,

Not exactly an investing question, but this is my go-to place for real estate questions, hope you all can help. 

My grandfather (80 yrs old) is realizing he's a little tight on money. As a result, he's considering selling his beach house (more of a 1988 double-wide). It's worth somewhere in the range of 180-200k. My mom and her 2 sisters would like to keep the house in the family and are considering buying the house from my grandfather. I'm concerned about the capital gains taxes that he would be hit with. Is there any other option that will provide my grandfather the 180k he wants and keep the property in the family? (Seller financing isn't an option because he doesn't feel comfortable with his daughters owing him that amount of money)

Thanks

  • Gregory Schwartz
business profile image
Schwartz Realty Group
5.0 stars
52 Reviews

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