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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 24 Mar 2005 15:04:49 -0800
/ Author of the message: squash@peoriadesignweb.com |
Title of the message: |
Re: investing together with parents
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Text of the message: |
Bucky wrote: > Let's say you already own a rental property, and you want to let your > parents in on the action. You have $50K equity, and your parents are > going to write you a check for $50K (to be applied to operating > expenses, pay down additional principal). Then you will split the net > profit 50/50. > > - Can you just continue to hold the title, make mortgage payments, file > taxes by yourself? Or do you need to do things formally, like create a > joint venture, LLC, or something like that? > > - Will the $50K check be subject to gift reporting? Since this is all > informal, it looks like a gift, but it's really an investment (they'll > be receiving 50% of net profits). i am no expert, but i think the irs lets you get $10k from relatives tax-free per year? So the remaining 40 k would be subject to taxes. What you pay in taxes your parents save by deducting it as an expense. |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.