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Real Estate Tips
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.
*Billy Burk and GiGi Gaubert Burk Burk Brokerage, LLC Licensed in Louisiana 6260 Vicksburg, Suite A New Orleans, LA 70124 504-488-8600 : office 504-488-8424 : fax Licensed in Louisiana
*Billy and GiGi Burk are two of America's NUMBER1EXPERTS™ in the Greater New Orleans area. They have a proven track record that few agents can match! With over 20 years combined experience, these two professionals offer the highest level of service and dedication, adding value far beyond the commissions earned. Burk Brokerage is continually "Redefining Real Estate" by offering expert service on an unparalleled level, making you their Number 1 Client. With a team of professionals providing a wide range of services from landscaping and decorating advice to tax and financial assistance, and backed by over ten years of top producing Real Estate experience, Burk Brokerage is sure to redefine your real estate experience.
Selling Lakeview, Lakefront, Uptown, Old Metairie, Metairie, Mandeville and Covington.
* Billy Burk is co-owner and manager of Burk Brokerage and is not a licensed Realtor in the state of Louisiana.
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New Orleans, Lakeview and Lakefront, Louisiana