What is the name of your state?NY
Hi. My husband's mother has a piece of property (house has been demolished) and it is not her primary residence. She would like to transfer ownership to her son (my husband) and her daughter. It is stated to be in divorce papers dated back to 1974 and Mom has it stated in her will. With that being said. Both parties need this money to buy homes. My question is... Is this the best way to go? We are in the process of listing the property ($450,000) and after realtor and closing fees...the rest would be split 50/50. This would be under the $250,000 cap. gains tax right? Is there money or taxes that I am missing? How will this pan out? Mom does not want any part of the selling, real estate blah blah so she wants to transfer before selling. Should we hold off until the transfer of ownership? If so, how long? Any insight? I know I kind of bounced around a bit. I hope I didn't confuse anyone more than I already am! Thanks Jenn
Hi. My husband's mother has a piece of property (house has been demolished) and it is not her primary residence. She would like to transfer ownership to her son (my husband) and her daughter. It is stated to be in divorce papers dated back to 1974 and Mom has it stated in her will. With that being said. Both parties need this money to buy homes. My question is... Is this the best way to go? We are in the process of listing the property ($450,000) and after realtor and closing fees...the rest would be split 50/50. This would be under the $250,000 cap. gains tax right? Is there money or taxes that I am missing? How will this pan out? Mom does not want any part of the selling, real estate blah blah so she wants to transfer before selling. Should we hold off until the transfer of ownership? If so, how long? Any insight? I know I kind of bounced around a bit. I hope I didn't confuse anyone more than I already am! Thanks Jenn