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Old 03-07-2009, 09:58 AM
 
1 posts, read 1,590 times
Reputation: 10

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I know nothing of real estate, taxes, etc. I own a second home (not our primary residence) that is paid for, and is vacant. My daughter and son-in-law own another home a few miles away and are paying off their mortgage. I'd like to trade homes. Do we need to treat this as sales? Or, is there anyway to avoid taxing, etc. The property values are approximately $50,000 difference. This would allow my daughter & husband to upgrade to a better home, and I could then rent their home out to our other daughter. Just wanted to know the legal issues.
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Old 03-07-2009, 01:47 PM
 
291 posts, read 908,506 times
Reputation: 170
Contact a lawyer and tax professional.
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Old 03-07-2009, 09:49 PM
 
Location: Florida
15 posts, read 40,975 times
Reputation: 15
Yes, a lawyer could create land trusts for the transfers and this could help save on taxes.
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Old 03-07-2009, 11:33 PM
 
3,191 posts, read 9,161,004 times
Reputation: 2203
{I think you can 'buy' each other's for like a $1.00. Another lifetime ago my ex & I sold some land to my Dad for just a buck, after he paid off the balloon we owed....}
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