Should we sell or rent our second home?

February 18, 2012 by admin  
Filed under sell then rent

sell then rent
We have a second home which our parents plan to live in when they retire. The dilema is whether we should sell them the property outright or rent it to them. What makes more sense for both parties with regards to taxes and such. Who would you turn to for advice?

By: Bob B

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Comments

10 Comments on "Should we sell or rent our second home?"

  1. curiositycat on Tue, 5th May 2009 6:45 am 

    Es hängt davon ab, wo Sie und die Vermögenswerte leben. Wenn Sie einen Familienrechtsanwalt haben, bitten Sie um um sie. Betrachten Sie auch, welchen Effekt er auf Ihren Eltern hat, wenn sie irgendeine Art Unterstützung oder langfristige Sorgfalt zu Hause haben müssen. Hilfsmittel und Anlagegüter straffen in diese Arena. Es gibt viele Betrachtungen.

  2. Seth M on Thu, 7th May 2009 10:16 am 

    You should sell it to them. They’re going to get a much better brake on property tax than you. Also, you will have to count the rent towards your income at the end of the year, thus, putting yourself in a higher tax bracket.

  3. Sugarbear on Fri, 8th May 2009 1:11 am 

    Eerste vraag, wordt het bezit betaald? Als zo, ben ik van bias dat u hen zou moeten laten in de vrije bezitshuur leven en misschien met de bezitsbelastingen en het onderhoud helpen. Als het bezit isn' betaald t, zou dan u moeten bepalen hoeveel van de kosten u kunt redelijk absorberen en hoeveel hulp zij zouden moeten verstrekken.

    Ik ben van de school van kinderlijke godvruchtigheid en sterk geloof dat mijn ouders elk beetje van hulp verdienen dat ik hen kan terugbetalen. Kunt u welk leven veronderstellen zou zijn als als de ouders hun jonge kinderen om binnen op de hypotheek, het voedsel en de kleren vroegen af te breken? Voor hun onzelfzuchtige liefde en steun in de loop van de jaren, zou ik naar de einden van de aarde voor mijn ouders gaan.

    ** Geef uit:

    Met betrekking tot de antwoorden before and after me, ben ik het ermee eens dat u wijs zou zijn om de diensten van een accountant te raadplegen om te bepalen wat aan beide zelf en uw ouders benficial zou kunnen zijn. Voor een zijnota, " meevaller profits" vermeld in

  4. skinny on Fri, 8th May 2009 2:04 pm 

    nunca v

  5. elderkesler on Mon, 11th May 2009 6:40 am 

    I believe that by renting the property you can avoid the “windfall” taxes that must be paid when you sell a property and dont use the money to purchase another one within a certain period of time. I would encourage you to contact a CPA, they would know more about taxes and what you would have to pay.

  6. Angela B on Tue, 12th May 2009 11:04 am 

    There are a lot of “ifs” in your question. If you rent your home, what is the possibility of profits over time in doing so? Where is the home located? Property assessments vary, depending not only on state/province or city, but also on neighbourhood. What do other homes similar to your own sell for? How much money did you put into it? Also, would the profits from a sale give you enough money to invest or pay off debts?

  7. sweet_n_tender on Wed, 13th May 2009 4:03 pm 

    The house then rent the end of your liabilities and assetsif you have to answer is one question you have to answer is it putting money in your pocket or are you dont have to pay.
    The house if so sell it putting money every month to answer is it putting money at the end of your liabilities and assetsif you losing.

  8. marndogg on Fri, 15th May 2009 11:55 pm 

    U zou een procureur waarschijnlijk moeten raadplegen, maar denkt aan het deze manier, als u het aan hen aan een eerlijke prijs huurt het u zal helpen de hypotheek (als er

  9. KYRealEstateGuy on Mon, 18th May 2009 1:31 pm 

    I would rent it. You don’t get opportunities like that very often.

  10. kalamidad on Tue, 19th May 2009 2:35 pm 

    There is no getting out of paying capital gains on a second home, no matter to whom/when you sold it. At some point you will have to face the tax man. But if you rent to your parents and qualify that property as rental property then at some point you could sold your present personal residence and take the $500K filing jointly exemption (you must live in that house two of the last five yrs to qualify); moved into your rental property and live in it for at least 24month. You will be allowed to another nice $500K exemption when you sold it. You have many options…but tax consideration is paramount. Consult a real estate attorney…Always get a second opinion. There is lots of help on the subject on-line or your local library. Best of luck.

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