arthurenterprises
03-03-2008, 06:42 PM
I need some advise if anyone can help.
My mother currently owns 3 properties in FL. Two are rentals and one is a vacation home. She purchased the vacation home in the middle of the rising home prices in the hopes of selling one of her rentals. She had a contract on the rental but it fell through. In the meantime her second rental has unexpectedly become vacant. She is now in a situation where she needs both rentals occupied immediately or to sell one or both of her rental properties. She has offered both of the properties to me for a great price. Can you please tell me the best way to purchase the homes as a family member. Is it better to pay the capital gains or a gift tax?? Should I get a mtg on both or transfer deed on one and mortgage on the other??
Any help is appreciated!
Sincerely,
Arthur
My mother currently owns 3 properties in FL. Two are rentals and one is a vacation home. She purchased the vacation home in the middle of the rising home prices in the hopes of selling one of her rentals. She had a contract on the rental but it fell through. In the meantime her second rental has unexpectedly become vacant. She is now in a situation where she needs both rentals occupied immediately or to sell one or both of her rental properties. She has offered both of the properties to me for a great price. Can you please tell me the best way to purchase the homes as a family member. Is it better to pay the capital gains or a gift tax?? Should I get a mtg on both or transfer deed on one and mortgage on the other??
Any help is appreciated!
Sincerely,
Arthur