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Why Sellers Choose The Les Walden Real Estate Team - Why home sellers in Clemson, Seneca and Lake Keowee choose The Les Walden Real Estate Team. Free Presentation - Free in-home listings presentation on marketing your Clemson, Seneca and Lake Keowee, in Pickens, Oconee County South Carolina property. Property Valuation - How much is your Clemson, Seneca and Lake Keowee home worth? What Did That Home Sell For? - What did that Clemson, Seneca and Lake Keowee, South Carolina property or other real estate sell for? FSBO - Selling your Clemson, Seneca and Lake Keowee real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Clemson, Seneca and Lake Keowee Homes, For Home Buyers, For Home Sellers, Clemson, Seneca and Lake Keowee Information, Real Estate Resources, and About The Les Walden Real Estate Team.
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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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| Q |
What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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| A |
One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
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