C
ChristineK
Guest
My mother owns a cottage given to her 35 years ago (by her father). She has a zero basis for the property. Today's market value is $330,000. She wants be free from the expense of improvement (desparately needed), taxes and maintenance. I would like to "buy" it from her. I would like to pay her the value less real estate commissions, less capital gains taxes. She is willing to "transfer" it to me within the estate so I can take advantage of the capital gains discount but only if there is a "legal" way to do so. It has been suggested that we take the cash to "pay" for the property and place it the family trust to benefit all her heirs.
Mom is also concerned about being "fair" between a total of five children (I am one of them...).
It seems crazy to pay almost $75,000 in capital gains taxes ($66K to Fed and $9K to state of WI) and have it be a real sale...
What are thoughts? If you can figure this out you are a certified GENIUS! I hope you are...
Mom is also concerned about being "fair" between a total of five children (I am one of them...).
It seems crazy to pay almost $75,000 in capital gains taxes ($66K to Fed and $9K to state of WI) and have it be a real sale...
What are thoughts? If you can figure this out you are a certified GENIUS! I hope you are...