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Tina
Tina, Lawyer
Category: Legal
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Experience:  JD, BBA Over 25 years legal and business experience.
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Butler, Pa If a house is sold to me for $5.00 by a friend,

Customer Question

Butler, Pa
If a house is sold to me for $5.00 by a friend, can the house be sold, by myself, the same year as the purchase of the house?
Submitted: 7 months ago.
Category: Legal
Expert:  Loren replied 7 months ago.
Good morning. I am Loren, a licensed attorney, and I look forward to assisting you
Expert:  Loren replied 7 months ago.
If you have clear title to the property then you can, upon taking title, do whatever you want with your property. You can sell it, gift it, rent it or pledge it as collateral. The property rights have no inherent waiting period.
Expert:  Loren replied 7 months ago.
Holding for at least a year will provide more favorable tax treatment of the gains by making them treated as long terms capital gains rather than short term (treated as regular income), but if you are willing to pay the taxes, you can sell the property the same day as you buy it (known as "flipping"), if you want.
Expert:  Loren replied 7 months ago.
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