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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.
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.
Before you put your property on sale, perform home inspection. Thereafter, you will find about whether your property is in a sellable condition. A home inspector will notify you of the mandatory property preservation activities to be performed. It involves lawn maintenance, debris removal, property securing, winterization and snow removal (if any). You can consult a professional to perform these activities. For more visit: .
