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  #1  
Old 01-22-2006, 06:12 PM
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Join Date: Jan 2006
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selling home to son

What is the name of your state? Ohio
Can I sell my home to my son, owner finance it on installments at zero interest?
  #2  
Old 01-22-2006, 10:38 PM
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Join Date: Dec 2005
Location: Ohio
Posts: 31,823
Do you have a mortgage on it? If so the mortgage company may call the note.
Are you looking for tax benefits? If so the IRS may not like the zero interest part of it.
What is your reason for doing this? But you could sell it to him on an installment plan.
  #3  
Old 01-22-2006, 11:14 PM
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Join Date: Jul 2005
Posts: 171
Quote:
Originally Posted by Ohiogal
Do you have a mortgage on it? If so the mortgage company may call the note.
Are you looking for tax benefits? If so the IRS may not like the zero interest part of it.
What is your reason for doing this? But you could sell it to him on an installment plan.
You could run into seriouse problems with the IRS.

[url]http://finance.yahoo.com/taxes/tips/family/article/100339/Loans_to_Family_Members[/url]
  #4  
Old 01-22-2006, 11:41 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by deporterjr
What is the name of your state? Ohio
Can I sell my home to my son, owner finance it on installments at zero interest?

**A: yes, and pay gift tax accordingly.
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