Comments on: What kind of attorney do I need? Real estate & tax implications?

By: joemarques68

joemarques68 — Wed, 09 Jun 2010 06:22:49 +0000

real estate

By: hollywoodmelody

hollywoodmelody — Wed, 09 Jun 2010 05:33:39 +0000

A real estate attorney but be careful that you don’t make it sound as if your trying to get around the IRS. Taxes are tricky but it maybe better to put the house in a Trust and have your mom make a will to safeguard everyone involved.

By: Karen U

Karen U — Wed, 09 Jun 2010 05:32:17 +0000

We are in the process of selling my father in laws house to my son for about $40,000 under value. I talked with my accountant about everything a few times because we have also financially maintaned the house for the last 3 years and plan to recoup that “loan” to maintain the house. According to my accountant, tax laws state you can make up to $250,000 profit on a house before you have to pay taxes to the IRS for profits and as far as my father in law paying us back for what we have put into the house, when we sell it, he’ll come out with about $50,000 cash which will be disbursed in several areas as a repayment of a loan and because of doing it that way, it’s NOT considered income. He said that if we did it through the real estate then we’d get a 1099 and have no choice but to claim that as income. I would say to talk to a tax accountant who should know how all of this works.

By: Irish

Irish — Wed, 09 Jun 2010 04:58:42 +0000

Get a good Real Estate Attorney, he should be able to advise you on all the implications for the state in which you live.

By: Easy Lover

Easy Lover — Wed, 09 Jun 2010 04:22:18 +0000

A real estate one.