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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 26 Jul 2005 12:01:22 -0700
/ Author of the message: "tfprusd@yahoo.com" |
Title of the message: |
quit claim + gift?
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Text of the message: |
have a resale situation and wanted to get some opinions on the following. I am in the 25% tax bracket, my father is disabled and draws disability insurance income tax free. he has about $35,000 in writeoffs each year from mortgage interest, HELOC, + other. we are going to sell a new house (flip it), for a gross profit of around $40,000. instead of splitting profit 50/50, i was thinking of quit claiming my share of the title to him, then have him take all the gains against his tax writeoffs. then he would gift me 11,000 and my wife 9,000 to make up my share of the 20,000. thoughts? . |
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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.