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
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
It is legal if he follows through.
Answered on 5/09/16, 9:48 am
Walter LeVine
Walter D. LeVine, Esq.
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
Related Questions & Answers
-
I was locked out after foreclosure with no notice Asked 5/05/16, 2:34 pm in United States New York Real Estate and Real Property
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
