Legal Question in Real Estate Law in Washington
Transfer or assume the basis of my parents rental propety
My wife and I would like to assume my parents rental property as a primary resident and we have lived in the home for the past four years. How can we assume the property without all the tax problems? there is a mortgage on the home, and it was purchased in 1986 for well under $100k and my folks are in their 70s and are tired and are ready to dump it and wash their hands of it all. please help!!!!!
1 Answer from Attorneys
Re: Transfer or assume the basis of my parents rental propety
Not sure what tax problems you are anticipating, as there are benefits to being able to claim the mortgage interest deduction associated with paying a mortgage.
That said, you can draw up a real estate contract and buy the house from your parents privately.
This is not self-help law; contact a local attorney who practices in this area and have it done properly.
Washington allows real estate professionals to be limited practice officers. This is going to be a transaction that will require a little more finesse, I think. You'd do best to contact a law firm that specializes in real property.
Hope this helps.
Powell
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