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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 famous example of post-colonial architecture is modeled after the palace of the Duke of Leinster in Ireland?
A	The White House in Washington, D.C., begun in 1792 and burned by the British in 1814, was rebuilt in 1818 and restored in 1951.
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Chris Wylie, REALTORŽ, real estate agent and broker for Northwest Houston, The Woodlands and Houston Inner Loop Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Chris Wylie
Re/Max Northwest
6401 Cypresswood Drive Suite 100
Spring, TX. 77379
Phone: 281-376-0846
Direct: 281-850-4548
Toll Free: 800-898-3035
Fax: 281-583-9494
Email: ChrisWylie@CountonChris.com
Throughout Houston, Chris Wylie is known as a professional others can count on to guide them successfully through the real estate process. Her calm, friendly manner puts others at ease and makes the home buying and selling process a fun and memorable experience. When you're ready to buy or sell, call Chris Wylie. You'll discover when you work with her that you can count on Chris.

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