doodlefratskama
Junior Member
What is the name of your state? California.
My in-laws have an apartment complex they want to give to my wife and I, but sooner rather than later. The place is worth about $1.5 million. The goal is for them to give it to us such that we have total control of the asset as soon as possible so my wife and I can leverage the equity (it is fully paid for) to buy more property or do a 1031 exchange. What is the best way to make the transfer so that we control the asset with the least tax ramifications for everybody? What are our options? Any advice would be appreciated. Thanks.
My in-laws have an apartment complex they want to give to my wife and I, but sooner rather than later. The place is worth about $1.5 million. The goal is for them to give it to us such that we have total control of the asset as soon as possible so my wife and I can leverage the equity (it is fully paid for) to buy more property or do a 1031 exchange. What is the best way to make the transfer so that we control the asset with the least tax ramifications for everybody? What are our options? Any advice would be appreciated. Thanks.