Home Selling in 99508>Question Details

Richgc52, Home Buyer in Anchorage, AK

Alaska, friend quit claim house to me. he wants to set up a trust and have me administer the funds. Is there a tax liability ? not primary residence.

Asked by Richgc52, Anchorage, AK Sat Jun 25, 2011

I own the house. it is his $, i'M trying to help him out. He owes alot and has asked me to set up trust and write checks for him. How much tax am I liable for we want to take care of that ASAP

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Jim Gribbin’s answer
There is always a potential tax liability. Us Realtors are really not the ones to ask about this. I would recommend talking to an accountant ASAP!!!

Best of luck. I have a friend in a similar situation right now.
0 votes Thank Flag Link Mon Mar 4, 2013
FYI: That question is two years old.
Flag Mon Mar 4, 2013
Did he quit claim it to you and he is still on the deed? Does he owe anything on it? What funds are you talking about? Tax liability to you or him? Is the house being used as an investment. Would need to know all of these questions before you consult an accountant or have an attorney set up a trust.

0 votes Thank Flag Link Tue Nov 1, 2011
You should contact a CPA and a good real estate attorney before you move forward.
0 votes Thank Flag Link Sat Jun 25, 2011
You should contact either or both a real estate atty or a tax attorney for the answer to these questions.
0 votes Thank Flag Link Sat Jun 25, 2011
Contact and attorney before you agree to do anything. You will be glad you did. Best of luck!
0 votes Thank Flag Link Sat Jun 25, 2011
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