[William Brandon]

William Brandon

Hi Greg:

Thank you. If anyone can help on the tax part of the question I would sincerely appreciate it.

Regards,

Dan

[William Brandon]

William Brandon

Hello –

I have title to a SFR in my name (title only), mortgage in brothers name. If I switch it back to my brothers name, will I have to pay taxes as if it were a sale?

If yes, how can I structure it so I can get title back to his name & not be assessed taxes?

Regards,

Dan

[Greg Christiansen]

Greg Christiansen

First thing I would do is put it into a trust. That will at least get rid of any doc stamp taxes you would get under selling to another party. As for capital gains tax, not so sure. Don’t know that an exchange would work.

[Anonymous]

Anonymous

If there is a profit and you held the property as an investment for at least a year, then the capital gains would be 15% NOW — but wait until Obama takes office and you could be facing a 30% capital gains tax.

It’s no wonder people are pulling their money out of the stock market now — to avoid the higher capital gains tax later.

Of course you could EXCHANGE your interest and avoid paying any taxes.

Jackie

[Anonymous]

Anonymous

If you don’t actually make a profit, then there would be no taxes — that’s my understanding.

Some areas require doc stamps be paid when the title changes — so beware of that.

Jackie

[jimi hendricks]

jimi hendricks

Dan – the answer varies from state to state.
Call a few title/settlement companies in your area – explain the situation, and ask them to provide a recommended approach to achieve your goals and a bid to “make it so”. They want the business!

As for taxes, as Jackie indicated – Is there a gain?

[William Brandon]

William Brandon

Hi Jackie & Jim:

Thank you for your help, I appreciate it.

Sincerely,

Dan