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My wife's parents bought a house across the street. It was about to get repo'd, so they got it real cheap. They're supposedly going to give us this house. It's 4 stories, 4 bed/3 bath, 3-car carport. My father-in-law has a problem with his legs and hip, and my mother-in-law is tired of trying to take care of a large house, so they say they're happy with getting into a different house. We're totally redoing the new house (it was kinda trashed). We painted all the walls, fixed anything broken, removed all redneck-rigged electronics (security system), installed hardi-plank, painted the outside, and they'r going to replace all the appliances. The new floor is going in this weekend, then we can start moving stuff (yay!).
The law is that you can only gift up to $11,000 a year without being taxed on it (like you would for inheritance). So, hypothetically, if someone gifted this amount each year, then the giftee used this money to pay for a house, that would be ok, right? What if the gifter is the seller of the house? Will the feds get this hypothetical family? |
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it's strictly hypothetic
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OK it's more like this. He sells you the house now, for whatever he wants, $150.00 if that is what you want to do. Then there is no gifting. i can sell my house or car for whatever I want, there is no law saying you must sell your property for its value.
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as long as your accountant is out of jail i'd say you can get away with it
mike |
Originally Posted by phinsup' date='Mar 11 2003, 02:15 PM
OK it's more like this. He sells you the house now, for whatever he wants, $150.00 if that is what you want to do. Then there is no gifting. i can sell my house or car for whatever I want, there is no law saying you must sell your property for its value.
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Hire a real estate lawyer, have him draft a contract, make it legal, no one can say anything about it. It isn't illegal for me to sell my house for $150.00 if I legally own it. The lawyer would be able to cover any questions you had about it, but who cares if you get audited as long as it is all legal.
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Originally Posted by phinsup' date='Mar 11 2003, 02:27 PM
Hire a real estate lawyer, have him draft a contract, make it legal, no one can say anything about it. It isn't illegal for me to sell my house for $150.00 if I legally own it. The lawyer would be able to cover any questions you had about it, but who cares if you get audited as long as it is all legal.
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Originally Posted by phinsup' date='Mar 11 2003, 11:27 AM
but who cares if you get audited as long as it is all legal.
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Originally Posted by 75 Repu' date='Mar 11 2003, 02:34 PM
Unless he has something else to hide.
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oh, and it's nowhere near as nice as rob's new house, so don't think I'm trying to steal his glory or anything
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Originally Posted by Baldy' date='Mar 11 2003, 11:35 AM
don't worry, they won't be able to find your body
So which room do I get to sleep in.. |
yeah have me sell it to ya. or get an apartment and work your way up on your own https://www.nopistons.com/forums/pub...#>/biggrin.png
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ok tell you what. i'll buy the house for $150, and rent it to you, that way you're in the clear
mike |
Originally Posted by j9fd3s' date='Mar 11 2003, 02:54 PM
ok tell you what. i'll buy the house for $150, and rent it to you, that way you're in the clear
mike http://www.rudyfoto.com/grl/doghouse37.jpg NOW PAY UP! |
haha, how much you paying for rent?
mike |
HEY THATS MY PLACE!!!
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Originally Posted by j9fd3s' date='Mar 11 2003, 03:29 PM
haha, how much you paying for rent?
mike |
Originally Posted by banzaitoyota' date='Mar 11 2003, 03:39 PM
HEY THATS MY PLACE!!!
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Originally Posted by Baldy' date='Mar 11 2003, 12:40 PM
[quote name='j9fd3s' date='Mar 11 2003, 03:29 PM'] haha, how much you paying for rent?
mike how about loam? mike |
Pay him with midgets..(oh yeah we are going old school today..)
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Originally Posted by j9fd3s' date='Mar 11 2003, 03:40 PM
[quote name='Baldy' date='Mar 11 2003, 12:40 PM'] [quote name='j9fd3s' date='Mar 11 2003, 03:29 PM'] haha, how much you paying for rent?
mike how about loam? mike [/quote] sure, but if I leave halfway through the fortnight, will you prorate it and pay me back in peat? |
Originally Posted by Baldy' date='Mar 11 2003, 12:43 PM
[quote name='j9fd3s' date='Mar 11 2003, 03:40 PM'] [quote name='Baldy' date='Mar 11 2003, 12:40 PM'] [quote name='j9fd3s' date='Mar 11 2003, 03:29 PM'] haha, how much you paying for rent?
mike how about loam? mike [/quote] sure, but if I leave halfway through the fortnight, will you prorate it and pay me back in peat? [/quote] who's peat? mike |
Originally Posted by j9fd3s' date='Mar 11 2003, 03:43 PM
[quote name='Baldy' date='Mar 11 2003, 12:43 PM'] [quote name='j9fd3s' date='Mar 11 2003, 03:40 PM'] [quote name='Baldy' date='Mar 11 2003, 12:40 PM'] [quote name='j9fd3s' date='Mar 11 2003, 03:29 PM'] haha, how much you paying for rent?
mike how about loam? mike [/quote] sure, but if I leave halfway through the fortnight, will you prorate it and pay me back in peat? [/quote] who's peat? mike [/quote] not pete, but peat....he's that guy with his own show about his hairy dad, his crazy mom, and his 3 brothers, but somehow he's in the middle....yeah, that guy |
Repeat
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whos peat?
mike |
I LIVE IN BANZAI's WORLD!
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That's malcolm
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Originally Posted by phinsup' date='Mar 11 2003, 12:47 PM
That's malcolm
mike |
Originally Posted by phinsup' date='Mar 11 2003, 03:47 PM
That's malcolm
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SMALL FURRY WOODLAND CREATURES??? YUM!!
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consult a real estate lawyer and or accountant
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So what exactly is the aerodynamics of a Ham Sandwich at 150mph?
Sorry, everytime someone mentions old school on a rotary forum......... Travis |
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