can I buy a house and deed it to my daughter without any tax issues?
912146
Buy the house and put it in both of your names at the time of purchase.  At some point quit claim your name from the title and she owns the entire house.  No reportable tax events have occurred. \nThe gift tax issue has nothing to do with the home gift idea. However the limits are $12,000 and both a husband and wife may give that amount, meaning $24,000.  If you exceed that amount you, the giver must report it, not the receiver to whom it is tax free regardless of the amount.  After you die the amounts you have given away will have an impact on your estate taxes, which at the moment do not effect anyone with less than $2 million in assets.
821069
For now, all I think that you can do is RENT the HOUSE. At least rent it out for the mortgage payment. Call the Real Estate Agent,and tell him. See what your "contract" allows. There are some Real Estate Companies that offer to buy the house if they can't sell it in 3-months! At least we have that in Canada. Make sure that when things settle down, that you take legal action against your EX - in Civil Court. There are many Lawyers that will take your case, and not Charge you until the end result! Look into that. I am so sorry about what happened to your little girl. Are you getting some help for her? I hope so. I bet your kicking yourself, once again I tell young people, to go slow, in relationships, especially where there are children involved. One Never Knows. Possibly, you could speak to your bank and see about "bridge financing" - if you qualify, the Mortgage would be paid, through Bridge Financing, and when the House is sold, the Mortgage Company gets their money first. The Lawyer, who closed, all costs, and the leftovers (if there is any) go to you. That is about  as much as I know you could try. Good Luck, and God Keep you and your Children SAFE. Maybe I am the first, Merry Christmas, and a Happy and Prosperous New Year.
728481
I'm no tax attorney, but you should be able to.  My mother-in-law owns rental property - she just did some work to it and plans on writing it all off this year.
884855
If the property deed said and or and your name was second you will have no taxes to pay. The property will just roll over.
621863
I believe the current laws are that you can give someone $11,000 tax free. So if you and your wife both gave it would be $22,000. But, if you put their name on as the co-purchaser while the mortgage is being paid off, you wouldn't run into this issue.\n\nI just did something similar for one of my children.
1077745
A tax deed is a deed to a property that in tennessee has a right of redemption of 1 year. This means if you buy it it's your house but the person that previously owned it has one year to pay you the cost of what you paid for the deed and penalties. They do not have to pay anything else, so don't go improving the house AT ALL in the first year. Unless you are just making conditions livable for yourself that actually don't cost much of anything. \n\nGeorgia has tax liens, where you pay the taxes for the delinquent person and if they catch up at some point in the year you get the money back plus 20% interest. If they don't pay it back you get to go through the process of foreclosing on the place and getting a tax deed. They auction tax liens off every month. They don't sell every lien so there are also tax deed sales where you are bidding against others for the property just like you would in TN.\n\nThe key point to the whole exercise it that you need money up front and not just some of it. You need a bunch, so you will likely not be able to unless you have money. \n\nThe best way to buy property if you have horrible credit and no one to lend you a bunch of money is to do one of two things. \n\nThe first is to find someone that owns the property free and clear and only needs a monthly income from selling it to you. They sell it to you and you make payments to the escrow company and they get the money each month. You just have to find a nice person that wants to give you a chance, keep in mind they will still be protected and if you have bad credit and plan to keep having bad credit then you shouldn't do this as you will lose the house pretty fast if you quit paying if the contract is done properly to protect the seller.\n\nThe second way is to go to a real estate investors meeting, I hear that one of the biggest clubs is in atlanta and meets most nights of the month on some topic. There you will teach yourself about how to do it and then do the work for someone else at first (bird dog- means you will find a deal and then for a small fee sell it to an investor) small fee to the investor of $5,000 might however seem large to you. Then you beg to let you help them out and teach you (for free) and once you have the experience you can then offer to get a piece of the profits on the next deal for doing the work while they watch over you.\n\nyou will need to be very motivated to make this happen. Good luck. \n\nthere is a program on wednesday nights from WNKU called real estate for real people. It might be a good thing to listen to, they have a podcast as well. Jus tto become familiar and start your education process.\n\nhttp://www.podcast.net/show/39906\n\ngood luck
998439
There are several issues here.     Let's start with the appraisal.  Appraisers are regulated and appraisals are valid if performed in complaince by a licensed real estate appraiser.  If your buyers are getting financed on the purchase, an appraisal will, in all probability, be required.  If they are not financing it, no appraisal will be required so you may never know the home's real value.\n\nThe fact that your sister's home may be valued higher than yours would not be unusual if her home is bigger, in better condition, or just not comparable to yours.  Just because a house is next door doesn't mean the values will be the same.  There are a lot of things that factor into value. \n\nNext, if you signed an agreement to sell the home for $200,000,\nyou have entered into a contract to sell at that price.  it may, and I stress MAY, be too late to change that now.  The may comes in because the Realtor must disclose that the buyer is a licensed Realtor.  If he did not do so in writing on the sales agreement, you may have a case to void the contract.\n\nFinally, that Realtor has absolutely no business bringing in anyone to move you or tell you what can be moved.  He has no rights to enter your property at all without your permission until such time as the buyer's loan documents and your deed awarding them the title to the property have been signed and recorded.  Until that day, the home is yours and yours alone.\n\nAt best, what has occured here is an example of horrible communications.  At worst, you're being swindled and taken advantage of. \n\nYou say you cannot afford a lawyer.  I say you cannot afford not to consult one.  You can pay the lawyer's fee from the proceeds of the sale. \n\nAt least make an effort to protect yourself.  Call legal aid, call  your pastor, call an advocacy group for people with your disability.  Help is out there, please go get it.\n\nI'll pray for you.
273217
Most definitely.  And you don't need a trust as one of the other responders stated.  Borrowing the money is usually the biggest challenge, but I would imagine you've got that covered.\n\nAnd to be a little more specific from the previous answers, the IRS holds a withholding tax when you sell to make sure your capital gains taxes get paid without your skipping out.  \n\n\nGood luck!
279926
If you are non a schedule A you can take all of the mortgage interest. You can take property tax that you pd. Any donations you gave (cash and non cash)Sales tax that you pd on any big purchases(use the table for the rest)I don't know what your filing status is so I don't know if you would even be close.
888337
you don't really have the right to live there, but after paying taxes for 3 years, you can apply for a Tax Deed through the County Treasurer's office.\n\nSomeone would have to complain about you living there, such as the owner, but the odds are that no one cares since taxes are owed, and probably other debts and liens.
1174807
You pay tax in the state that you realized the gain.  So the answer is yes, you can avoid CA tax.  Yes, you can keep your house.  Your state of resedency doesn't depend on non-primary living places.
1141906
Can you track down your sister?  Maybe one of your relatives knows where she is.  I'd probably try to find her first and talk to her about buying her share of the house.  That would probably be the most straightforward and least expensive route.  \n\nPrepare beforehand.  Take the current value of the house.  Divide it in half.  From that half - subtract the mortgage you paid (if she took all the money), half of the taxes you paid and half of the repairs you had done.  Add what you would have paid for rent to live in the house for that time. (Forget the water bills since you used the water.)\n\nThen subtract what you would have paid for rent during that time.\n\nBased on that figure - decide what you're willing to offer to buy her out of the house.  Start on the low side so you have some room to negotiate but be fair.  If you can reach an agreement here it will save a lot of legal fees and hassle.\n\nOtherwise - see a lawyer.  I'm sure a lawyer would be able to advise you on how to use the value of the house to get the repairs done.\n\nI'm not so certain about getting your sister's name removed from the deed.  Your parents wanted her to have half of their home.  While it's your duty to protect your sister's investment by getting the repairs done - it doesn't seem right that you should take her share of the inheritance.
532178
Yes, you can. There are different ways to hold title, such as joint tenancy, joint tenancy w/right of survival, and as separate property. The rights for each may vary from state to state, so you should talk to a lawyer.\n\nJust my opinion, but I wouldn't decide to get married based on buying the house...\n\nYou can also have an agreement drawn up beforehand that spells out the ownership percentage between the two of you, and how that might change over time if one is, say, making the down payment and the other is making the mortgage payments
1090112
Contact a conveyancing lawyer. They are not very expensive and well worth the money to make sure it all goes smoothly
1087606
You should call the Clerk of the Court for your county.  It's possible that a transfer of title to a family member (sharing title with them) will not be taxable, since it's not a "sale" and they are part of your family.
268081
u just pay there town for there taxes for there house. check with ur tranasstion lawyer
294639
Upon your mothers death you would inherit the house tax free with a stepped up basis equal to its current market value. At that point you could sell it with little or no tax consequence. If her estate is under the threshold in the year she died, the estate would not have a tax either. Since I don't know the value of her estate, I can't answer that ??. If you sell now, she might have a taxable event if the house appreciated more than $250K since 1999 basis she got when your dad died. \n\nThere are a few wrinkles based upon the info above. If it were my own situation, I know enough to make the decision, in your case you should spend an hours time with a CPA who knows estates & trusts.\n\nIf you want, post your moms basis on DOD in 1999, current value and size of estate and we could hash it out a bit more. However it is still wise to see a CPA.