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)?
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)?