Legal Question in Real Estate Law in Pennsylvania
transfer of property brother to brother
My brother and I own some investment properties. I was divorced last year and my ex-wife received a cash buyout for her marital interest in these properties and presented us with a general warranty deed releasing her interest in each property. It is my understanding that the signifigant amount of money she received is not taxable, which, I find to be incredible that she is not liable for capital gains taxes.
My brother wants out of the partnership. Is there a way to buy him out where he would also not have to pay taxes, a brother to brother transfer with a general warranty deed? If not, what is the best way to buy him out? Could we exchange properties tax free and he could then sell them or keep them as he sees fit? Thanks!
1 Answer from Attorneys
Re: transfer of property brother to brother
Well, don't begrudge your wife the tax savings. Without knowing more my guess is that her attorney was able to structure the transaction so that she did not realize the money as income. It could also have been a factor of the divorce transaction. I don't practice family law so I wouldn't know, but you can bet I will learn about this.
As to your question, I am certain we can structure a transaction to best advantage the capital. There are many alternatives from a Starker Exchange to some more mundane manuevers. But there is no advice I can provide without knowing much more about the positions of the parties, the assets to be devised and the goals of the parties.
I would be happy to speak with you and your brother to try to develop an appropriate transaction structure.
Please contact me at [email protected] to arrange a meeting either in person or by telephone.
Regards,
Roger Traversa
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