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Tax Considerations >Not at ARMs Length
A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.
The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.
For answers to all your real estate questions, consult experienced professionals who are familiar with this area.
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What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?
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Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property |
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Bradley Vogdes Atlantis Realty 5604 Pacific Avenue Wildwood Crest, NJ. 08260 Phone: 609-522-8000 Fax: 609-522-8001 Email: info@AtlantisNJ.com
We are seasoned Realtors recognized and respected locally and nationally. We bring the breadth and depth of our experience, expertise and personal commitment to our clients every day. The families that we serve say that our greatest strengths are our negotiating and marketing skills. Our clients also thank us for our availability, accountability and tenacity in problem solving. We are proud of the fact that we have never placed personal interests above those of our clients 
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