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I live in Dover, Massachusetts with my 83 year old mother.

Customer Question
She owns 2 houses and...
I live in Dover, Massachusetts with my 83 year old mother. She owns 2 houses and only
receives $600 a month from social security. She was turned down for an increase
because the second house is valued over $2000.00 and is considered income.
My question is how cheep can she sell me the main house and is it legal? I am a Disabled American Veteran and my real estate taxes would be lower and my mother could get an increase in her social security.
Damon Nobile [email protected]
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
6/19/2010
Real Estate Lawyer: Dimitry Esquire, Attorney replied 8 years ago
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41,221
Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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Thank you for your question.

How much is the property currently evaluated for?
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Customer reply replied 8 years ago
450,000.00
Real Estate Lawyer: Dimitry Esquire, Attorney replied 8 years ago
If she sells the property to you, she realizes the gain, which will affect her social security payments. In addition if she sells for less, the IRS will get involved as it will become a suspect transfer. The current limit on gifts from one family member to an another is $13,000, so if she lowers the price by that amount, and possibly another 10% of the value, the IRS will not get too suspicious, but then the money you will pay her will still be realized as her capital gain.

Good luck.

Edited by Dimitry Alexander Kaplun on 6/19/2010 at 4:25 AM EST
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Customer reply replied 8 years ago
What about Massachusetts, will they get involved?
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