Legal Question in Real Estate Law in New York
My mother wants to sell a house she owns to my 2 sons for a dollar. Will they have to pay any tax on this transaction.
Asked on 6/29/13, 5:31 am
1 Answer from Attorneys
Arnold Nager
Arnold H. Nager, Esquire
No. But it becomes a gift. She may have to pay gift tax (not likely). Furthermore, the tax basis of the house is what she paid for it when she bought it.
You should suggest that she consult a knowledgeable attorney to properly plan the transfer of valuable assets with minimum tax consequences.
Answered on 6/29/13, 7:48 am
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