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Old 09-12-2008, 07:57 PM
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House Trade

Maine: My husband and I have decided to trade houses with our neighbors. We live outside of the US and have no mortgages. What are the tax implications of making the trade? What amount should we put on the sales contracts? We will not need a mortgage but will be putting a substantial amount of work into the new house. Are there any benefits to getting a mortgage or any type loan?
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Old 09-13-2008, 12:40 AM
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You will treat the properties as being sold to one another at the fair market of the other property being received in exhange.
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Old 09-14-2008, 10:03 PM
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Quote:
Originally Posted by christine44 View Post
Maine: My husband and I have decided to trade houses with our neighbors. We live outside of the US and have no mortgages. What are the tax implications of making the trade? What amount should we put on the sales contracts? We will not need a mortgage but will be putting a substantial amount of work into the new house. Are there any benefits to getting a mortgage or any type loan?
**A: consult with a tax attorney.
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