Transfer of Title on Kansas City Real Estate

Not at ARMs Length
A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.

The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.

For answers to all your real estate questions, consult experienced professionals who are familiar with this area.
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The TAG Team
Keller Williams Northland Partners
Phone: (816)268-4444
Email: TheTAGTeam@NUMBER1EXPERT.com
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Comments

[omaha homes for sale]

If you sell your house to any other person than it is necessary to transfer a title. But if you sell your house to your child than it is depended on you that you want to transfer or not to transfer a title of your house.