Best Way to Sell Rental Property

03-30-2007, 03:10 PM

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Join Date: Mar 2007

Posts: 1

Best Way to Sell Rental Property

My wife, a U.S. citizen, owns a rental townhome in Florida which she would like to sell (property is currently in her name). She has (2) options to sell it :

1) Sell it with herself as the owner and add the capital gains to our joint return, OR

2) Quitclaim the property to her mother, a Peruvian citizen, and have her mother sell the property.

Which option is preferable from a tax standpoint to her family as a whole ? She is aware that any sale of real property by a foreign person is subject to a 10% withholding by FIRPTA law. Also, she and her family would be willing to pay any additional tax liability to me if Option #1 is preferred.

Any advice appreciated as they stand to make about $100K on the sale.
Also, she has owned the property since January 2005.What is the name of your state?

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