earlofcrankcase
Member
Houston TX
My father has willed me a house. He told me I could sell it at any time & keep the difference once he is paid his original investment & pays the capital gains taxs.
The house is currently rented. The tenant wants to buy it. The value is 75k.
If I write up an owner finance contract between my father and the girl that wants to buy it.
1. Can I receive what is left on the note instead of the house without changing the will?
2. If not. Would a hand written amendment such as note on in front of the property discription suffice?
2. would he have to pay any taxs if he does not get paid back more than his original investment before his time comes?
My father has willed me a house. He told me I could sell it at any time & keep the difference once he is paid his original investment & pays the capital gains taxs.
The house is currently rented. The tenant wants to buy it. The value is 75k.
If I write up an owner finance contract between my father and the girl that wants to buy it.
1. Can I receive what is left on the note instead of the house without changing the will?
2. If not. Would a hand written amendment such as note on in front of the property discription suffice?
2. would he have to pay any taxs if he does not get paid back more than his original investment before his time comes?