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Real Estate Tips
Tax Considerations >Not at ARMs Length

A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.

The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.

For answers to all your real estate questions, consult experienced professionals who are familiar with this area.

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Real Estate Trivia
Q 
What famous American monument is also the world's heaviest statue?

A 
The Statue of Liberty, officially named "Liberty Lighting the World", weighs 54.31 million pounds.
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Vicki Nellis, REALTOR®, real estate agent and broker for Fairfax Station, Burke and Lorton Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Vicki Nellis
The Nellis Group RE/MAX Allegiance

5641 Burke Center Parkway
Burke, VA. 22015
703-503-4375
Email: vickinellis@NUMBER1EXPERT.com


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