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  1. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    You really need to ask that question of a local tax professional who can review everything. Taxing Matters is excellent, but even he would say that you need to get your summarized advice from a...
  2. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Just remember, its your SON that has to live there long enough to follow the tax rules, not you. It will do your son absolutely no good if you live there for the next two years, but he moves out...
  3. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    It sounds like he had a signed, written offer since a real estate agent brought the offer to them. In addition, it was stated that the lot alone was worth $36k. Also the fact that the executor's...
  4. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    I agree that a current appraisal is needed.


    I disagree with you entirely that an offer to buy at 55k, prior to fixing up the house is not indicative of FMV at that time. An appraisal at that...
  5. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Ok, the just throw the whole 18500.00 valuation out of your mind and stop even discussing it. The FMV of the property was at least $55,000 when your son inherited it. It appears that you have...
  6. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    My opinion is that you loaned the money to your son to fix up the house. It would be unreasonable to assume that you did not intend it to be a loan.

    However I am confused about the 18,500...
  7. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Your son got a stepped up basis to fair market value when he inherited the fixer upper. The money spent fixing up the fixer upper would add to basis.

    The computation for tax purposes would be...
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