May Get House Soon!
03-11-2003, 01:09 PM
#1
Super Moderator
Thread Starter
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
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?
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?
03-11-2003, 01:15 PM
#4
Administrator
Join Date: Jul 2001
Location: Stuart, FL
Posts: 24,416
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.
03-11-2003, 01:19 PM
#6
Super Moderator
Thread Starter
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
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.
03-11-2003, 01:27 PM
#7
Administrator
Join Date: Jul 2001
Location: Stuart, FL
Posts: 24,416
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.
03-11-2003, 01:31 PM
#8
Super Moderator
Thread Starter
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
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.