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My daughter bought a house in her name because of my bad…

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My daughter bought a...

My daughter bought a house in her name because of my bad credit. i have lived here for 6 years and have made many improvements. because it was a repo home we have had trouble getting title in my name. my wife died and i have remarried and we have sold the house. is there any instrument that can be drawn up stating she will not receive and money from this sale except what i owe her so she does not have to pay capital gains tax. she is planing to sell her house also so she will be taking tax deduction on her home? help?

Lawyer's Assistant: It can cost anywhere from $10 to $100, depending on the type of issue and how much of the Real Estate Lawyer's time your question is expected to take (how complex and lengthy an answer you require). Because real estate law varies from place to place, can you tell me what state this is in?

Michigan

Lawyer's Assistant: Has any paperwork been filed?

Every thing is ready to close on the 18th of oct.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Only that i have lived her alone since my wife died 6 years ago. we went this route because of all the trouble to get a title as it was a freddie mac foreclourse

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
10/6/2017
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,571
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Have you paid for the entire cost of the property from downpayment on?

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Is she willing to do this with the IRS and the money?

.

thanks

Barrister

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Customer reply replied 7 months ago
she has a very good income so this will put her in a higher tax bracket. there fore in good conscience i will have to pay her what capital gains she has to pay that really i would not have to pay. is there anything legal that can be drawn up that will be excepted that states she will not profit from this sale.
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago

Ok, first off this won't affect anything to do with her homestead exemption on the sale of her primary home $250K single/$500K married... it is completely different..

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With your home, the problem with this is that if she were to sign anything stating that you were the true owner of the property and it was in her name only to help you out and sends it to the IRS...then that is an admission of felony mortgage fraud and could have serious repercussions if the IRS decided to contact Freddie Mac and send them a copy.

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So you could try it and send the affidavit to the IRS come tax time to try to avoid any capital gains taxes on the sale, but they could first refuse since it was in her name always and also could lead to criminal prosecution..

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I would strongly suggest that she just pay the capital gains tax and then just gift you all the rest of the money from the sale of the house rather than putting incriminating admissions on paper.

.

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thanks

Barrister

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Customer reply replied 7 months ago
freddie mac agreed that the property was no longer any thing to do with them bought fron real estate attorney repreasenting freddie mac.
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago

Ok, then that is a little better, but it would still be legally considered a "sham purchase" because if daughter was just being used for her name on the documents but you were the true buyer..

.

Again, do what you want, but there is still some risk involved in something like this and the IRS could still just say no... it was in her name all along so legally it is her property.. That is how any sale will be reported to the IRS..

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Real Estate Lawyer: Barrister, Lawyer replied 7 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Customer reply replied 7 months ago
I failed to state my wife And daughter bought the house . She died after 2 years and I continued to live here until I sold it
Real Estate Lawyer: Barrister, Lawyer replied 7 months ago

Ok, if the house was not titled as joint tenants, then wife would have owned half of it and someone would need to file a probate case to settle her estate and that half would then come to you as her spouse.

.

But if it was titled as joint tenants, then daughter became the sole legal owner when wife passed..

.

.

thanks

Barrister

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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,571
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Experience: 17 years real estate, Realtor. Landlord 26 years

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