Funadvice Logo
Post
More Home & Garden Questions

SELLING RENTAL PROPERTY

I own rental property that I have been depreciating for some time and I am planning to retire in the next year or two and would like to sell the property before then. I would like to somehow use the profits to help my son purchase a home. Most likely I will need to be part of the purchase because he will need my credit/income to qualify for a loan. I would like advice on the best way to accomplish this as far as taxes are concerned.

Become an Expert →
Answer #1

Here’s a good link that talks about the tax implications of selling a home. http://www.realestatejournal.com/buysell/taxesandinsurance/20050615-herman.html

Its a good idea in a transaction like this to talk to a CPA though, especially if you will be getting a pretty good gain on the rental property that you’re selling. It may be possible to roll over the profits into that new residence for your son, then both of you jointly own the new property for tax purposes.

This is just a little bit of what I learned on some basic research, again… I am not a lawyer or a real estate tax professional, its a good idea to approach either of these professionals to get the final advice.

More Like This
Ask an advisor one-on-one!
Advisor

Property Damage Restoration

Property Restoration Services, Water Damage Restoration, Fire Damage Restoration

Advisor

Rotterdam Rental Service

Real Estate, Property Management, Rental Services

Advisor

City Vibe Properties

Real Estate, Property Management, Home Services

Advisor

Home Roots Property Management

Property Management, Real Estate, Rental Homes

Advisor

Coastal Vacation Properties

Property Management, Vacation Rentals, Hospitality