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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.
THE DANIELS TEAM RE/MAX Advantage Realty, Inc. 5590 N. Academy Blvd. Colorado Springs CO, 80918 Brian's Office : 719-268-8095 Brian's Cell: 719-330-2535 Alan's Office : 719-268-8096 Alan's Cell: 719-321-0929 Fax: 719-548-5040 Email: Homes@DanielsTeam.com
The Daniels Team welcomes you to Colorado’s marketplace. Brian and Alan are a top producing real estate team based in Colorado Springs. Whether you need to buy, sell, or just want hassle free information at your fingertips, then our team is here to provide you with top notch professional real estate services with HONESTY, INTEGRITY, and RESULTS. As real estate professionals our personal commitment extends well beyond the close of the business transaction, with first class service and support. As an added bonus we provide a free moving truck to our clients for all local moves.
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