Need Help Transfering Property Between Family Members!
I currently live in a property owned by my brother. We have a verbal agreement that the home is mine and I can take ownership at any time (nice brother!). I am looking to find out the easiest way to accomplish this without him being hit with capital gains. Any Ideas? Land contract refinance, family deed transfer, gift of equity , I'm just not sure??
Knock Knock..
Who is There???
LOAN SHARK
WHO???
LOAN SHARK...
Your'e not Dan Akroyd Are you???
Old 70's SNL skit about JAWS lurking on land ---going around doorknocking (in disguise) on unsuspecting Housewives...
Anyhow look into having your Brother arrange a Simple Living Trust (soley in his name) but adding you on later as a co-Beneficiary after he places his Property's Title (deed) into the Trust.
no Cap gains,
You can even receive Tax bene.s
No Sales tax either.
When you get ready to pay his mortgage off (in say 19 year 11 month and 29 days later) simply terminate the trust agreement then refinance the property in your name or sell it.
See an RE (or Estate Plng) Legal pro to help your bro. get the Title-holding Trust set up or check the WEB for resources.
Also, www.LandTrust.net is a good place to start.
Hope this helps!
Derrick Ali :-D
Loan...,
How much is the remaining mortgage and whose name is it in? Just your bro?
When was this property bought and how much?
What is the value now?
Has your bro called this a rental on a schedule E per taxes?
More details about money into the place, etc
Not sure why the previous post is the right answer for you guys...depends on your goals.