Legal Question in Real Estate Law in Texas
Real Estate and Inheritance
My parents own the house I have lived in for about 25 years. They now want to give or sell me the house at a very low price. How can this be done with the least amount of taxes to either party. original pur $25 - 30K value now 100-125K
Asked on 5/13/09, 9:21 am
1 Answer from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
Re: Real Estate and Inheritance
You should talk to a CPA before doing this. You could lose a valuable stepped-up basis and/or Medicaid or other benefits for your parents by doing so.
Answered on 5/14/09, 10:23 am
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