All Forum Posts by: Mark E

I have an issue coming up were my parents are selling there investment home of 6 years and want to re-invest in another state. However, will they avoid paying capital gains if they buy a property acouple of months after the sale of there current investment? Or are there guidelines like the home has to cost more than the current investment to avoid the gains ex. current home worth 400,000. And investment home they want to purchase is 160,000. Will they still avoid the gains or will they have to purchase a home worth the same or more than 400,000? Thanks!

Hi guys,
My question is about marriage and property given as a gift. If my parents want to give me a condo as a gift will my spouse still have 1/2 the ownership if we get a divorce. Because I know for sure if it was just transfered to me and I refi or even just pay the mortage out of my account it will be deemed a community property and my spouse is entitled to 1/2 of the property if we get a divorce. Does that still hold if my parents just transfer the house as a gift to only me?

Does anyone else know for sure about a transaction like this? Or has anyone dealt or experienced a similar situation? Also, another thing I was thinking about is if I just setup a joint account and them just adding to there account. Thanks guys...

Hey guys,
I was just curious about a situation with my family and a home loan that my parents are processing currently. Basically, they want to give us a part of the home loan which is around 50k to us children. However, is there anyway to transfer the money to my account without any tax issues since it is a big lump some of money? I talked to a bank manager at B of A and they said as long as you wire the money from one account to another in the same bank there won't be any tax issues. Isn't there a gift tax issue with this since it's over the 11k a year limit a person can recieve? Is there any other alternatives? Thanks guys..

Yeah pretty much they don't trust my brothers wife and want to give the property to only my brother and don't want to lose the property if they get a divorce. And yeah they are aware of the gift tax no problems on that. So pretty much a quit claim deed when the title gets transfered wont hold up in court if they do get seperated?

Hello,
I had a question in regards to a quit claim deed for a title transfer of property from my parents to my brother who is already married. My brother states that the quit claim deed will hold up in court of law if my brother does happen to split with his wife. However, I consulted different real estate agents and they said in the state of California they don’t think that it will hold up in the court of law. Can anyone confirm this? Also, what if my parents give the property as a gift to my brother will this still stand as a community property? And if my parents only give it as a gift only to my brother can my brother’s wife still own part of the property if they get a divorce? Thanks everyone!