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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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| Q |
What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
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| A |
The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool. |
 See More Real Estate Trivia > |
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Harvey Dubov, P.A.
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6070 North Federal Highway
Boca Raton, FL 33487
561-542-7355
Fax: 561-912-3501
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Servicing all of Broward and Palm Beach Counties. We Specialize in Waterfront Properties, Oceanfront Properties, Country Club Communities, Luxury Condominium, Townhmes, Single Family Homes, Investments, and Gated Communities in Boca Raton, Delray Beach, Highland Beach, Ocean Ridge, Gulf Stream, Manalapan, Hillsboro Mile and Surrounding Areas. Whether you are in the Market to Buy or Sell, Call Harvey. He has successfully fulfilled the dreams of thousands of families throughout South Florida. See why so many homeowners have chosen Harvey Dubov to represent them for all their real estate needs.
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