house in parents name want to sell best way to handle taxes?

[wolfina]

What is the name of your state?What is the name of your state?Fla. Parents helped me purchase home 8 years ago.House is in their name. What is best way to sell for taxes I will profit almost $600,000. Can they turn house over to me. Or should they sell it and give he money to me? I do want to reinvest property in Tenn but don't want to lose alot of profit on taxes.How to handle this situation?????

 

[Florid-aise]

What is the name of your state?What is the name of your state?Fla. Parents helped me purchase home 8 years ago.House is in their name. What is best way to sell for taxes I will profit almost $600,000. Can they turn house over to me. Or should they sell it and give he money to me? I do want to reinvest property in Tenn but don't want to lose alot of profit on taxes.How to handle this situation?????

The best TAX plan, would be to do a 1031 Exchange. A 1031 is an attorney intensive effort. Know that up front.

There are IRS regs that allow gifts to children.

There are life estates.

Living wills.

Trusts.

There are IRA's that could do you justice in certain circumstances.

Based on what you post, in the amount of money you mention. There needs to be one or two CPA's and a matching pair of lawyers, all of them pouring over your particular situation in real time.

 

[seniorjudge]

This (and everything else in the prior post) is correct:

"Based on what you post, in the amount of money you mention. There needs to be one or two CPA's and a matching pair of lawyers, all of them pouring over your particular situation in real time."

I just wanted to emphasize that you need your lawyer to represent you and you need your CPA to represent you. You and your parents should NOT use the same lawyer and CPA.