I started another thread on this but it went way off topic and so I thought I would just start another one. Question:
What is the best (most tax efficient?) way to turn over the deed to a 2nd house. The house is out of state and has been owned for 10+ years. It has an $80K cost basis and has not increased in value. It needs repairs and would be worth maybe $120K if fixed up. The person getting the house is a family member and probably has an income of $30K.
I know I really need expert advice but it would be very nice to hear your suggestions. Thanks!
What is the best (most tax efficient?) way to turn over the deed to a 2nd house. The house is out of state and has been owned for 10+ years. It has an $80K cost basis and has not increased in value. It needs repairs and would be worth maybe $120K if fixed up. The person getting the house is a family member and probably has an income of $30K.
I know I really need expert advice but it would be very nice to hear your suggestions. Thanks!