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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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| Q |
What 6,500 seat American theater was the location for the scene where the original 1933 King Kong breaks his chains onstage?
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| A |
The famous Shrine Auditorium in Los Angeles, built by the Shriners in 1906 to resemble an exotic Arabian mosque. |
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