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He wants to trade houses (with boot, too)

Posted by behaviorkelton (My Page) on
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
Kelton


Follow-Up Postings:

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RE: He wants to trade houses (with boot, too)

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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RE: He wants to trade houses (with boot, too)

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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RE: He wants to trade houses (with boot, too)

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


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