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I wanted to seek your counsel concerning a few items. I am
I wanted to seek your counsel concerning a few items. I am currently in the process of buying a home and might be using a co-signer for the purchase. He will need to be placed on the title of the home… read more
Lane
Lane
JD, MBA, CFP, CRPS
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Question 1: If I provide my son 20% of down payment towards
Question 1: If I provide my son 20% of down payment towards purchase of house (about $25k), but with agreement that he pays me back 20% when he sells the house, does this have tax implications?Questio… read more
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Tax.appeal.168
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I have a two part question. Question One: My mother no
Question One: My mother no longer resides in the home she owns and she does not file a tax return due to her income level. If I, as her son, am added to the deed to the house would that allow me to deduct the property tax paid on the home providing I am the one who makes the payment? … read more
Lev
Lev
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A son inherited a small house last year. He wants his mother
Good morning: A son inherited a small house last year. He wants his mother to own it. We believe the limitation on the gift would be $14,000. … read more
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I am a senior citizen and I co-own a checking account with
My name is***** am a senior citizen and I co-own a checking account with my 2 sons, Rudy and Jake.All three of our names are ***** ***** the checks. Last Christmas I presented each of my sons with cas… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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My son is buying a house in Alabama and I will be paying the
My son is buying a house in Alabama and I will be paying the down payment of $60,000. If I make the check payable to the bank but am not on the loan but am on the deed (if that's permissible), will th… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My son bought an apartment, a foreclosure, about 18 months
My son bought an apartment, a foreclosure, about 18 months ago for $ 76000 and I provided him an interest only mortgage for $100,000 with the anticipation of doing alot of upgrades, which we did not d… read more
Richard
Richard
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My brother financed the house that I owned (lived in, paid
My brother financed the house that I owned (lived in, paid mortgage etc). But this means that he legally owned the house. When we sold the house, he quit claimed the deed over to me. How do I and brot… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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my father passed away & we sold the house. the realtor told
my father passed away & we sold the house. the realtor told us this was not inheritance but income under my brothers name because the deed read "my father as to a life estate & my brother as to the re… read more
Merlo
Merlo
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I sold a rental home that I have owned for years to my ...
I sold a rental home that I have owned for years to my Nephew. The home needed repairs and was only a two bedroom, so we added a third bedroom. I sold the home for $64,000 plus what the addition and r… read more
Ed Johnson
Ed Johnson
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Can I transfer ownership of stock (basis $25 now worth $90) ...
Can I transfer ownership of stock (basis $25 now worth $90) to my 18 year old son without any tax consequences for me? Also, what is the basis for him when he sells?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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My uncle shifted the deed of his home to me on Jan ...
My uncle shifted the deed of his home to me on Jan 2006. I am in the process of selling the home. He is near death. If I sell the house after he dies no I have to pay taxes. It is like he gifted the h… read more
Christopher Phelps
Christopher Phelps
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Our father signed over ownership of his house to my brother ...
Our father signed over ownership of his house to my brother and I about four years ago. We are selling the property to my son for 200,000.00. Do we have to pay a tax on the money?… read more
Christopher Phelps
Christopher Phelps
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Can the taxes due on the capital gain realized by the sale of my fathe
My father bought his home in 1950 for approximately $14,000. He passed away in June at 91. He had three sons; my mother predeceased him. The house was mortgage-free. In 1995 my younger brother fell up… read more
Christopher Phelps
Christopher Phelps
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I just sold my parents house,they are deceased, and sold ...
I just sold my parents house,they are deceased, and sold the house to my sister and I for $1.00. I want to give my two children my portion of the money split two ways. How can I do this? Also is such … read more
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What are the tax consequenses if I merely Quit Claim my ...
What are the tax consequenses if I merely Quit Claim my investment property to my son as vesus a Gift Deed? Or are they the same? Is it still a "Gift"?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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Sale of a Home, outside of state you are a resident in
My mother and my nephew were co-owners of a cottage on a lake. My mother quick claim deeded the property to my nephew. He then sold the property (within 2 weeks of being sole owner) for $80,000.00. Ho… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I want to sell my residence to my son for $400K. It is ...
I want to sell my residence to my son for $400K. It is valued at $500K and is in Los Angeles. He will finance the purchase price. I have been told we can avoid the re-assesment of the property tax and… read more
Christopher Phelps
Christopher Phelps
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