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Sat, Mar 5, 11 at 11:48
| 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
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Follow-Up Postings:
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| 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. |
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- Posted by behaviorkelton (My Page) on Sat, Mar 5, 11 at 15:38
| Thanks! I suppose that stands to reason. Hmmmm, I think I meant to post this in "Buying and Selling", though! Kelton |
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| If that price is below market value, I would get his house inspected. |
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