Legal Question in Real Estate Law in New York

My uncle owns 75% of a house and I own the other 25%. I've agreed to sell my share to him for a specified amount of money. I expected to enter a purchase contract with my uncle, but he says we can forgo the lawyers because he's refinancing a loan to pay for this purchase and he will just cut me a check and we can do the deed transfer at the same time. Is this legal? I still plan on reporting my capital gains, but I don't want the IRS to think I'm trying to pull a fast one here.

Asked on 5/09/16, 9:39 am

David Slater David P. Slater, Esq.

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It is legal if he follows through.

Answered on 5/09/16, 9:48 am

Walter LeVine Walter D. LeVine, Esq.

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The answer is yes, but he should still issue you a Form 1099 to report the sale, since it may have tax consequences to both of you.

Answered on 5/09/16, 2:23 pm

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