| Selling to Family Member
What is the name of your state? FL
My husband and I purchased an investment property in Florida with my mother-in-law (50-50) in December 2004. We mortgaged our half of the purchase price, she provided funds from a trust established when my father-in-law passed away. The sales contract (with a builder) indicates that my husband and I purchased the property with cash and mortgage (no mention of another owner). The property was titled in my and husband's name only. We now want to sell our 50% share to the trust, she has agreed to purchase and assume 100% ownership. What are the tax implications? What documentation do we need to complete the transaction? Can we use a Quit Claim Deed, draw up our own sales contract and use a local title agency to prepare the new title? Can her initial investment be considered an interest-free loan? She would retain her share of the equity gained in the property (which is considerable).What is the name of your state? | 
08-31-2006, 02:45 PM
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