All Forum Posts by: Adam W.
Adam W. has started 1 posts and replied 2 times.
Post: Best Way to Receive House from Parent
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Thanks for the response @Basit. The house has been sitting vacant for a few years now and isn't being rented out. It hasn't been rented before and is still currently listed as her homestead residence. There's a considerable amount of work to be done to get it ready to rent. I talked to her yesterday and she is going to give me the house because she doesn't want to deal with it and for the considerable amount of work I've done to help her with my grandma and other affairs. I plan to use the rental income to fund some vacations for our families and to put back into the house in the near future. I'd prefer not to get into a joint ownership situation with my sister since she lives away. I feel the rental stuff will be much easier in my name than me managing it with things in mom's name. I currently have to call people for her now and it's always a pain.
So given the updated situation of her giving me the house and unlimited options for how it could be shown on paper, what's best for both of us tax wise? I don't have any intention of selling it, but would like my cost basis to be as high as possible in case I need to liquidate it in the future.
Post: Best Way to Receive House from Parent
- Posts 2
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Hey guys, new to the forum here. I just finished listening to Brandon's book on rental property and heard about the forum from it.
Things that may or may not be relevant. I live in Florida. I'm 39, she's 60. She has an established trust. She has stage 4 cancer and I handle most things for her.
My mom moved into her mom's house a few years ago and her former house has been sitting vacant since. Her and my dad bought it 40 years ago. Zillow has similar houses selling from 50k to 90k. Our conversations have ranged from her suggesting selling to my cousin for 80k, me offering her 80k since I'll essentially inherit half of that back later anyway (I have a sister), and her throwing random options out ranging from buying her a new side by side for the farm, to a new Cadillac, or a new tractor. Given essentially unlimited options, what's the best way for me to get the property so I can rent it and have the smallest tax burden for each of us?
Thanks!