can i buy my parents house

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The short answer is yes. You can sell property to anyone you like at any price if you own it. But do you really want to? The internal revenue service takes the position that you’re making a $199,999 gift if you sell for $1 and the home’s fair market value is $200,000, even if you sell to your child.

I’m not sure if it’s different for every state, but where I live, you can buy your parent’s house for "fair market value", and be fine, but if your parents want to transfer the deed to your name, with an exchange of say 10 dollars, and they would have living rights, it would have to be in ‘your’ name for five years, otherwise, if either of them would have ti go to a NH, the state can still take the property.

Renting to Parents Yet another option is to buy the home and rent it out to your parents. This can be a tempting option because of the myriad tax deductions you may qualify for when you rent a.

My girlfriend and I plan to buy my parents’ 300,000 buy-to-let property and use it as our main residence. Could they legally sell the house at 40,000 under the market value to my girlfriend to.

how to refinance a mortgage with bad credit There are also programs to help people with bad credit refinance their existing mortgage. These refinance programs were created by the Government to help reduce the amount of foreclosures by allowing people who are upside down on their mortgage, or have low credit scores refinance into a lower payment and rate.

It was only then his parents discovered what he had been doing. "I felt like I was failing as a parent because I had allowed.

Can I buy my mother’s house for the remainder of her mortgage balance? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Yes you can buy your parents’ home for below market value as long as their current mortgage is below the price you are paying for it which it looks like it is.

Whether you can get money back in a divorce that was gifted to you depends on several factors. First, you need to determine if the money was a gift to both of.