gifting a rental home or selling it to family member.

Asked by Bob Scheidleman, New Hartford, NY Mon Jan 19, 2009

my daughter is renting a house from me. I either need to sell the house or gift it to her and let her get a mortgage . which way would be more of a tax advantage for me. there is no mortgage on this house. i took a equity loan on my 1st home to buy the house and used my credit cards to fix it up. the house cost 46,000.00 - 30,000.00 repairs - market valve approx. 140,000.00.

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Ralph Windsc…, Agent, Hauppauge, NY
Mon Jan 19, 2009
There are limits to "gifting" where you would have to file a separate form for the gift and your daughter would have the tax consequences. You should contact your accountant to discuss the best way to shelter the money or have tax avoidance.
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Dallas Texas, Agent, Dallas, TN
Mon Jan 19, 2009
Your solution contact a CPA determine how tax benefits are for you. Title would need transferred your daughter. If you gift a home it's FREE, however if you intent purchase the home you need have her contact a mortgage broker lender approval, title company would handle all closing particulars.
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