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School Reports in Mullica Hill, Mantua and Woodstown, New Jersey
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Real Estate Tips
Tax Considerations >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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Real Estate Trivia
Q 
Where can you find the world's largest residential palace?

A 
The Istana Nurul Iman, palace of the Sultan of Brunei, includes 2,152,782 square feet, 1,788 rooms, 257 bathrooms and a 110-car garage.
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Brent Grigsby, REALTOR®, real estate agent and broker for Mullica Hill, Mantua and Woodstown, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Brent Grigsby
REMAX Connection

660 Woodbury Glassboro Rd.
Sewell, NJ 08080
609-504-8185
Fax: 609-415-1291
brentgrigsby@NUMBER1EXPERT.com


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