I
Iconoclast
Guest
What is the name of your state? PA
I wish to purchase my grandparents house. We have agreed on a price and I was trying to aviod sales taxes, closing costs etc. After talking to a lender they said to transfer the house to my for a dollar and take out a second mortage. Would this work so that I wouldn't have to pay sales tax? Also would I be able to deduct the interest from my federal income tax since this was a different type of mortgage? Finally, when I eventually sold the house would I have to pay capital gains.
Lots of questions please help.
I wish to purchase my grandparents house. We have agreed on a price and I was trying to aviod sales taxes, closing costs etc. After talking to a lender they said to transfer the house to my for a dollar and take out a second mortage. Would this work so that I wouldn't have to pay sales tax? Also would I be able to deduct the interest from my federal income tax since this was a different type of mortgage? Finally, when I eventually sold the house would I have to pay capital gains.
Lots of questions please help.