Alberto Murillo
Questions on Gift Tax & Form 706
Greetings, My father wants to sell a property to me for way below market value. Market value: $400k, and purchase price: $175k in Alameda County California. He is gifting me $225k. I am financing $175kWill he have to ...
Pam Truesdell
who owns the home now?
Hi if I can get some info. Is this for Florida only or other states? We live in Florida. My grandparents home was left to my Dad & his brother & his sister. No spouses names were added to the deed just the 3 s...
Harry Shmelts
Family member offering to sell me house $100k+ below market.
I have a close family member who wants to move out of their home and offered to sell it to me for a major discount. I am wondering the best route to take on a situation like this. As far as paying the least fees since...
Matthew Jaeger
Taxes on Condo-ized Lot split for ADUs
Good afternoon, This is purely a tax question on what is essentially the sale of dirt after splitting a lot (though of course not that technically). I have a standard Seattle lot, 5950 sq. ft. The house is old, less t...
Abdenour Achab
Which Tax Lien States are BOTH Interest Rate Bid Down AND No Foreclosure Required?
I like the fact that Arizona is an interest rate bid down state. However, in my experience, as soon as the deadbeat owners of the worthwhile houses receives the 30 day notice of intent to foreclose, they redeem their ...
Scott Moe
Capital Gains Exclusion
I own a single family home that I am currently renting out. My father is on the mortgage and title. I plan to move into the property for at least two years and then sell. My father is letting me keep any and all gains...
Ryan Kaysen
Calculating Capital Gains tax
what is the best way to calculate the tax due on the sale of investment property? I have had mixed results from different sites and would like a solid answer. They all seem to be pushing 1031 exchanges which I was not...
Scott Smail
Wholesaling in Oklahoma
Hello all,I'm trying to find out if wholesaling in Oklahoma is legal without a real estate license. I found a site stating it was illegal and another stating it's legal?? If anyone knows the truth that would be grea...
Lyle Cooper
Determining Building value vs Land value for Depreciation in NYC
I own a condo in a multi-unit condominium in Manhattan. I recently rented my condo out. I want to depreciate the asset using MACRS over 27.5 years. The IRS wants the building's value in order to determine depreciat...
Austin Lohr
Include partner’s name on title?
My business partner and I are putting in an offer on our first property. I will be supplying the capital for down payment for this first property. The preapproval and loan will be in my name. We plan to transition the...