What Kind Of Attorney Do I Need? Real Estate & Tax Implications?

Date : January 28th, 2010Category : Tax Attorney Long IslandAuthor : Editor5 Comments

I am planning on buying my mom’s house for what she owes on it. There is a lot of equity in the house. When I sell the house in a few years, I want to give her back the equity that is currently in the house, but I don’t want to be taxed for this. I guess you could say that she is loaning me the money until I sell the house later. Then I have to give it back.
What kind of attorney would I need to talk to regarding tax implications and this kind of “loan”? I want to protect both my mom and myself.
Thanks

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This entry was posted onJanuary 28th, 2010 at 11:08 am. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can Trackback..
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  1. jacobdan

    We are in the process of selling my father in laws house to my son for about $40,000 under value. I talked with my accountant about everything a few times because we have also financially maintaned the house for the last 3 years and plan to recoup that “loan” to maintain the house. According to my accountant, tax laws state you can make up to $250,000 profit on a house before you have to pay taxes to the IRS for profits and as far as my father in law paying us back for what we have put into the house, when we sell it, he’ll come out with about $50,000 cash which will be disbursed in several areas as a repayment of a loan and because of doing it that way, it’s NOT considered income. He said that if we did it through the real estate then we’d get a 1099 and have no choice but to claim that as income. I would say to talk to a tax accountant who should know how all of this works.

    January 28, 2010 11:35 am | #1
  2. Karen U

    A real estate attorney but be careful that you don’t make it sound as if your trying to get around the IRS. Taxes are tricky but it maybe better to put the house in a Trust and have your mom make a will to safeguard everyone involved.

    January 28, 2010 11:45 am | #2
  3. hollywoo

    real estate

    January 28, 2010 12:37 pm | #3
  4. joemarqu

    A real estate one.

    January 28, 2010 12:39 pm | #4
  5. E

    Get a good Real Estate Attorney, he should be able to advise you on all the implications for the state in which you live.

    January 28, 2010 1:12 pm | #5