He wants to trade houses (with boot, too)

behaviorkeltonMarch 5, 2011

So my neighbor wants to trade one of his houses for my house.

His house is nicer than mine in a variety of ways. He plans to rent my house.

I would give him my house and maybe $40,000.

We are wondering how this works when it comes to tax time... and/or how this type of deal can be made at all! Neither he nor I have ever done this sort of thing.

No financing would be involved.

Any ideas?

Thanks

Kelton

Thank you for reporting this comment. Undo
kudzu9

It's not horribly difficult, but you need a lawyer involved to draw up the transfer documents, and you should talk with the lawyer or an accountant about the Federal and State tax implications. You will want a title search done, and you should also get a home inspection done of the other property before you agree to this.

    Bookmark   March 5, 2011 at 2:08PM
Thank you for reporting this comment. Undo
behaviorkelton

Thanks!

I suppose that stands to reason.

Hmmmm, I think I meant to post this in "Buying and Selling", though!

Kelton

    Bookmark   March 5, 2011 at 3:38PM
Thank you for reporting this comment. Undo
vala55

If that price is below market value, I would get his house inspected.

    Bookmark   March 5, 2011 at 9:16PM
Sign Up to comment
More Discussions
Home Loan advise? Remodel and Addition
I am looking into a renovation/remodel of my current...
allieundercover
How would I sell fur coats?
Let me say, first, please donÂt bash me for having...
linnea56
Evicting
Don't know where to post this specifically. The thing...
Curt D'Onofrio
Just because you pay your bills on time.....
doesn't guarantee you have good credit The "Paying...
myfask
Programmable Thermostat proof
Does anyone have hard copy proof of the savings that...
rjexit5
© 2015 Houzz Inc. Houzz® The new way to design your home™