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A GOOD FRIEND OF MINE WANTS TO LEAVE A HOUSE TO ME, THERE IS…

A GOOD FRIEND OF...

A GOOD FRIEND OF MINE WANTS TO LEAVE A HOUSE TO ME , THERE IS NO MORTGAGE ON THE HOME AND SHE WITH HER REASONS DOES NOT WANT TO GIVE IT TO ANY FAMILY FOR HER OWN REASONS. I WOULD LOVE TO HAVE IT BUT IAM A REAL ESTATE BROKER AND IAM CONCERNED ABOUT THAT EVEN THOUGH SHE IS IN THE REAL ESTATE FIELD. IS IT BETTER THAT I GIVE HER MONEY TOWARDS THE HOUSE INSTEAD OF GIVING TO ME AS A GIFT?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

NEW JERSEY

Lawyer's Assistant: Has anything been filed or reported?

NO IT WAS HER MOTHERS HOUSE , AND HER MOTHER LEFT IT TO HER.

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

I JUST WONDERING HOW I SHOULD HANDLE THIS.

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Answered in 1 minute by:
3/8/2018
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,567
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.

.

When is she wanting to gift you the house... when she passes or now?

.

.

thanks

Barrister

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Customer reply replied 4 months ago
now
Customer reply replied 4 months ago
don't want to call at this time

Ok, there is no conflict at all if she wants to gift you the house now and is mentally competent. A person can gift real estate to anyone they want, regardless of whether they are in the real estate industry or not.. So your broker's license wouldn't have anything to do with this or create any conflict at all..

.

She can simply quitclaim deed you the house if she wants to do so and you record the deed. Then the house is yours and the transfer is completed.

.

As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years...

.

.

thanks

Barrister

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Customer reply replied 4 months ago
thank you but one more question, i don't know if you know the answer or not but is it better for me to pay her something for this house so its not seen as a gift. I'm concerned about tax gift tax.thanks

There are no gift taxes on the recipient of the gift... only potentially on the person who makes the gift..

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Customer reply replied 4 months ago
IF SHE GIFTS ME THE HOUSE SHE WILL HAVE TO PAY GIFT TAX AND HOW IS THAT FIGURED OUT? THATS WHY I WAS WONDERING IF I BUY AT A LOW PRICE IF THAT WOULD BE BETTER FOR HER.

Correct. But if you pay her $1 and the property is worth $100K, she has still made a gift to you of $99,999. So unless you pay her fair market value, there is going to be some type of gift here..

.

But she won't have to pay any taxes if she uses up a portion of her $5.6 million lifetime gift tax exemption and files an IRS Form 709 with her taxes in the year of the gift..

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Customer reply replied 4 months ago
BARRISTER YOU WERE GREAT, IF I HAVE ANYMORE QUESTIONS I WILL CONTACT YOU.THANKS

You are very welcome. Happy to help any time.

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,567
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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