N@N

My parents own a home that jumped 600% in value and now is worth $500K. I want them to sell it to me for cheaper and avoid tax issues. Who can help?

The article discusses a scenario where an individual wants to buy their parents' home, which has significantly appreciated in value from $100,000 to $500,000, at a lower price to help them avoid capital gains tax. The parents, who have lived in the house for over 30 years, are considering selling due to the increased property value but are concerned about the tax implications. The article suggests consulting with a financial advisor or tax professional to navigate the tax issues, explore options like a family sale at a reduced price, or consider estate planning strategies such as a life estate or a qualified personal residence trust (QPRT). These strategies could potentially minimize tax liabilities while allowing the parents to retain some benefits from the property. The piece emphasizes the importance of professional advice to ensure all parties benefit from the transaction while adhering to legal and tax regulations.

Read the Full MarketWatch Article at:
[ https://www.msn.com/en-us/money/personalfinance/my-parents-own-a-home-that-jumped-600-in-value-and-now-is-worth-500k-i-want-them-to-sell-it-to-me-for-cheaper-and-avoid-tax-issues-who-can-help/ar-AA1BiDrj ]