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I have a question regarding transfer of ownership of real

estate in Minnesota. JA: Because real...
I have a question regarding transfer of ownership of real estate in Minnesota.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Sure. Still in Minnesota.
JA: Has any paperwork been filed?
Customer: yes.
JA: Anything else you want the lawyer to know before I connect you?
Customer: My parents put us four kids into title of their townhome 15 years ago. They continued to live in it as their primary residence. They are now selling. They want the four of us to split the proceeds. No liens or loans on the property.
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Answered in 6 minutes by:
10/25/2017
LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 29,077
Experience: 10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Good morning. So on title, it if the four of you AND them? There are six people on title?

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What is your question, regarding this, as well?

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Customer reply replied 1 month ago
They have always paid the loan, taxes and HOA fees. They purchased the property for $150,000. It will sell for $250,000. They are not in title to the property. I believe they quit claimed their interest to us four kids. They did this as part of estate planning years ago. They were trying to protect assets in case of needing to go to a nursing home. In Minnesota the state can go after transferred assets upto 7 years after the transfer. It has been well over the 7 years. The concern is for us four kids obligation regarding tax impact from the sale of the home.

An expert should be contacting you shortly. I am unable to accept your call request.

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Customer reply replied 1 month ago
payment was stopped by credit card company due to suspected fraud. How do i reprocess payment?

You can simply contact customer service and they will be able to help.

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Customer reply replied 1 month ago
I am supposed to just move forward with chat and not deal with the phone call.

I was not aware your question was about tax implications, so allow me to opt out so another expert can answer this. Please allow a few moments for them to respond.

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Customer reply replied 1 month ago
Am I still connected?
Michael Bradley
Category: Legal
Satisfied Customers: 1,148
Experience: Owner at The Protection Group LLC
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I am another expert who can help you if you wish

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Customer reply replied 1 month ago
Ok. Do you see my notes?

I do

the mortgage was never transferred but the deed was putting into the 4 kids' names, correct?

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kids are looking to sell it?

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how much is coming from the sale approximately?

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Customer reply replied 1 month ago
Parents are moving to assisted living. They have assisted living insurance that will pay for their new place for a couple of years. They have plenty of monthly income to cover their expenses after the insurance runs its course. The sale will generate about $250,000 net.

so parents lived there, not kids

parents are selling but want to give proceeds to kids

we think deed names the kids and not parents

is that all correct

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Customer reply replied 1 month ago
Parents paid of the mortgage/note some time ago.

the first thing to figure out is if it is in the kids' name for sure

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Customer reply replied 1 month ago
It is.

did any of them use it as their primary residence

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Customer reply replied 1 month ago
no. as previously stated my parents used the home as their primary residence.

from what you have said, the parents have no tax ramifications that I see

the kids, that is a different story

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Customer reply replied 1 month ago
could we put our parents back into title of the property prior to closing?

you could and then they could gift the proceeds to each of you and it would be tax free to everyone

the potential issue could arise if they are in the retirement home, run out of money and the 7 years does not run

it would start over since the property would be back in their name

it is a risk, but a calculated one that may work out for you

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Customer reply replied 1 month ago
My parents have guaranteed monthly income from public pensions, social security and military pension of over $10k a month. They will always be able to pay the $4000 monthly assisted living expense after the long term care insurance runs its course.

if the 4 have losses that can offset the proceeds of the sale that would avoid the capital gains as well

the capital gains would be 15% if everyone is in the lower bracket

house sells for 250,000 lets say 225,000 after expenses divide by 4 is 56,250 capital gains 8,437.50 at 15%

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Customer reply replied 1 month ago
Plus, I believe, the proceeds would be taxed by the state of Minnesota as income because it would raise the adjusted gross income on the federal return.

if they can afford it then it is unlikely that they need state assistance so state can not grab anything

it may make sense to transfer it back prior to sale

they would then go to closing proceeds would be in their name and they can gift it to the 4 kids

otherwise the 4 would have to say that it was their primary 2 of the prior 5 years before the sale to avoid capital gains

stuff I assume they do not want to do

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you are correct about your last statement regarding state tax

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Customer reply replied 1 month ago
could the four kids just quit claim our interest back to our parents prior to selling the house? Then the parents could gift each child and spouse up to I believe $16,000 each in a year. Then after the new year gift the remaining equity to the children and their spouses.

for 2017 it is 14,000

for 2018 it is 15,000

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Customer reply replied 1 month ago
Is there any minimum time that the parents need to be back in title to the property prior to sale?

I would do it sooner rather than later

once it sells they can gift to the 4 kids, their spouses, grand kids as well, they can put it into a TAP529 educational account

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Customer reply replied 1 month ago
Well the sale will occur prior to the end of the year. Is that sufficient?

that is fine

do they have a realtor handling the transaction?

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Customer reply replied 1 month ago
a realtor will handle the sale.
Customer reply replied 1 month ago
I guess that is what I needed to know. I will tell my siblings to get quit claim deeds recorded asap to put the parents back into title prior to closing.

if the kids have signed with a realtor then the agreement would need to be redone with the parents

everyone should discuss this and be in agreement

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Customer reply replied 1 month ago
ok. thanks.

thank you

good luck

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