While gifts exceeding $18K per year (2024) require filing Form 709, they don't create an immediate tax, but the IRS may scrutinize this as tax avoidance.Tax-Saving Alternatives:Prorated Section 121 Exclusion – If you lived in the home part-time, you may qualify for partial tax exemption.1031 Exchange – If your share was an investment property, reinvesting the proceeds defers capital gains.Installment Sale – Spreading payments over time may reduce your tax bracket.Adjusted Basis Review – Factor in capital improvements and selling costs to lower taxable gains.This post does not create a CPA-Client relationship.

Yes it's a huge problem.You should fix this correctly now.Open the walls and put in proper sound reducing insulation.

However, if your father inherits and later transfers the home, it should qualify for a step-up in basis to fair market value, reducing future tax liability.If the goal is to tap into equity, having the trust take out a HELOC may be a better option, avoiding California Prop 19 reassessment, which could raise property taxes significantly.

This takes a little more work, but it's the fairest and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

**As investors, you are closest to the consumer (home buyers/renters), so you tend to absorb costs and reduced profits from unexpected spikes in expenses that wholesalers or contractors pass on to you!

Due to recent building code changes, you can build a framed building up to 4 stories on a slab, which significantly reduces the overall cost of new construction.

Since you're considering renting out the condo in 3-5 years, refinancing could help reduce your payments later.

.- Once we get more great reviews, the influence of that one will reduce but we have to make sure it doesn't prevent us to get bookings in the first place!

i would love to buy a 3-4 unit that could both reduce my cost of living and cash flow. move out and redo the process a few times every year. 

This takes a little more work, but it's the fairest and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.