I just had my property accessed at $565,000, My brother owns 1/3 and I want to buy him out. Can he take below that amount legally.?

Asked by Frankgsr, Ridgewood, Queens, NY Mon Jan 10, 2011

Cause he only wants $150, Also, if I can give part as a gift, cause it is my blood

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Tim Moore, Agent, Kitty Hawk, NC
Mon Jan 10, 2011
He can give his part away to you free if he wants to or he can sell you his part for any amount he wants, there is no restriction at all.
1 vote
Martina Ryan, Agent, Bayside, NY
Thu Jun 19, 2014
You can pay him whatever he require even if it is below the market price.
0 votes
Terry Koraha…, , 11358
Sat Mar 8, 2014
Hi Frank, as mentioned below- It would be wise to speak to your tax accountant and your atty to complete the deal. You wouldn't want this to come back and bite you years from now when you go to sell and you have to pay extra capital tax gains.. Let us know what you find out!! Terry K 718-614-3167 cell or TKorahais@elliman.com
0 votes
Marco Gomez &…, Agent, Jackson Heights, NY
Tue Apr 23, 2013
your brother can take any amount you are in agreement with as long as it s in writing all the agreements are drafted by an attorney and all is reviewed by each of your attorneys. you may want to speak to and IRS agent to protect any other interests you may have.

call Ann Margaret Carrozza she is and expert in elder law and estate planning 718 224 4746.
0 votes
RPN New York…, Agent, New York, NY
Mon May 16, 2011
Please speak with a tax professional as well as the attorney who will be completing the deed transfer. There may be some IRS tax consequences and a local (NYC/NYS) transfer tax may also apply as a result of the conveyance.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 10, 2011
You mentioned you had the property assessed--do you mean professionally appraised....keep in mind that assessed value has no bearing on market value....consult with your attorney, regarding all legal issues and tax professional regarding tax issues....
0 votes
Michael Emery, , Minneapolis, MN
Mon Jan 10, 2011
Your brother would want to talk to a tax professional to ensure that if he is selling you a portion of property below market value that this would not adversely impact him in the eyes of the IRS. The IRS may view this as a 'gift' which might subject either you or him to tax issues. But once again, only a tax professional can give you that information.
0 votes
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