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Question about a second home

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rowz

Member
Greetings from New Jersey.

Note: Many here have been extremely helpful in the almost 2 years I have been posting questions about this inheritance & will contest. Its almost concluded now with positive outcomes for my friend. This site & its forum has been very helpful to us.

My friend has inherited 1/2 of a house which is contiguous to his first home [which is about to be paid off].
He is buying out the owner of the other half of property #2.
#2 may be used for a rental OR it might be used for storage OR as a business property for his long established small business. [questions on how to effect a zoning change/variance may come to the site down the road, but we are not there yet]

#2 is being purchased via the proceeds from a re-fi on #1.

How should the title be held on #2 to best advantage for taxes and liability concerns. [and any other good reason that you folks here can think of that might be helpful.]

Thanks in advance.

RowZWhat is the name of your state (only U.S. law)?
 


HomeGuru

Senior Member
Greetings from New Jersey.

Note: Many here have been extremely helpful in the almost 2 years I have been posting questions about this inheritance & will contest. Its almost concluded now with positive outcomes for my friend. This site & its forum has been very helpful to us.

My friend has inherited 1/2 of a house which is contiguous to his first home [which is about to be paid off].
He is buying out the owner of the other half of property #2.
#2 may be used for a rental OR it might be used for storage OR as a business property for his long established small business. [questions on how to effect a zoning change/variance may come to the site down the road, but we are not there yet]

#2 is being purchased via the proceeds from a re-fi on #1.

How should the title be held on #2 to best advantage for taxes and liability concerns. [and any other good reason that you folks here can think of that might be helpful.]

Thanks in advance.

RowZWhat is the name of your state (only U.S. law)?


**A: I suggest he contact a tax law attorney.
 

rowz

Member
LOL..... & chuckling as well.

Thank you HomeGuru.

I am sure he would end up there as well....but we hoped that there would be something from the Forum that would allow him to understand what options/theories/ideas that may exist in this arena of those with much experience.

Sigh**************all righty then!
 

HomeGuru

Senior Member
LOL..... & chuckling as well.

Thank you HomeGuru.

I am sure he would end up there as well....but we hoped that there would be something from the Forum that would allow him to understand what options/theories/ideas that may exist in this arena of those with much experience.

Sigh**************all righty then!
**A: then the OP should post in the correct Tax Law forum.
 

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