Posted by: Eric ®
11/11/2004, 19:01:31
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I have a client that wants to purchase a home. The people that are selling the property own it free and clear as a NOO occupied property that they purchased about 13 years ago. When they purchased this property it was part of a two property deal that they paid 110k for both together. They have since sold the other property. They only want 75k for the property right now. My client who wants to now buy the property has had it appraised for 125k, they have impeccable credit. They want to basically buy it for 125k, and have the people give them back the 50k for it (which they would be willing to do if they didn't get taxed on the extra 50k ((they know the people very well)). The people need this 50k to put down on another investment property. What is the easiest way to do this transaction where the people buying get their money but the owners don't get taxed on it??? They are willing to listen to anything, quit-claim, refinance, whatever... but when it is all said and done, they want to be off the property being sold. What are the capital gains implications on selling the property for 75k, then having the new owners refinance the property to get the cash out?
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