Author Topic: Went through the process of house hunting/buying (Read 118388 times)

Jellybelly · « **Reply #560 on:** February 05, 2020, 11:08:46 PM »

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

ckmk47 · « **Reply #561 on:** February 06, 2020, 02:58:30 AM »

Quote from: Jellybelly on February 05, 2020, 11:08:46 PM

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

You definitely need a lawyer.

Jellybelly · « **Reply #562 on:** February 06, 2020, 08:51:40 AM »

Right. Was thinking to post in the lawyer thread or maybe even in the accountant thread but decided to post here hoping someone would know

aro123 · « **Reply #563 on:** February 06, 2020, 08:54:42 AM »

Quote from: Jellybelly on February 05, 2020, 11:08:46 PM

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

if you are talking about transfer tax it may work with a llc. but there may be other costs associated with an llc

how · « **Reply #564 on:** February 06, 2020, 09:24:14 AM »

Quote from: Jellybelly on February 05, 2020, 11:08:46 PM

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

I don’t know which tax you’re referring to but It should only be done with a LLC otherwise you’re risking the house should the buyer have issues with a creditor. Also You will need to pay for new title insurance when you buy the house.

sguitarist18 · « **Reply #565 on:** February 06, 2020, 09:47:14 AM »

On the other hand, FWIU there are advantages to having the house in an LLC, anyway.

hvaces42 · « **Reply #566 on:** February 06, 2020, 03:26:45 PM »

Quote from: sguitarist18 on February 06, 2020, 09:47:14 AM

On the other hand, FWIU there are advantages to having the house in an LLC, anyway.

Good luck getting a mortgage though.

ltttc · « **Reply #567 on:** February 06, 2020, 04:15:53 PM »

Quote from: Jellybelly on February 05, 2020, 11:08:46 PM

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

Risky business having s/o buying a house for you under their name. Wouldn't advise it at all

ltttc · « **Reply #568 on:** February 06, 2020, 04:25:32 PM »

Quote from: noturbizniss on January 21, 2018, 08:19:49 PM

I don't care about the plantings.... Now anyway. But don't want issue if down the road I change my mindm

Do you have a survey?

noturbizniss · « **Reply #569 on:** February 06, 2020, 06:12:16 PM »

Quote from: ltttc on February 06, 2020, 04:25:32 PM

Do you have a survey?

Yeah. That's how I found out his stuff were on my property.
We get along and I worked up the balls. To mention it and he was completely cool. Said if necessary he'd move the stuff, no big deal.

hvaces42 · « **Reply #570 on:** February 06, 2020, 10:45:49 PM »

Quote from: ltttc on February 06, 2020, 04:15:53 PM

Risky business having s/o buying a house for you under their name. Wouldn't advise it at all

With a proper nominee agreement, why not?

good sam · « **Reply #571 on:** February 06, 2020, 10:52:48 PM »

Quote from: Jellybelly on February 05, 2020, 11:08:46 PM

Was wondering if anyone would know if it’s possible to transfer ownership of a house without paying any taxes? I see a house im interested in, but I’m not in the position right now to buy it. Would i be able to have someone buy it for me in their name and then somehow transfer it to my name and id pay them for it. I just dont wanna pay taxes twice...
Is it possible to have the guy buy it with an LLC or a trust or something like that and then transfer the ownership of the LLC or trust to me?

You're required to pay transfer tax on the sale of the LLC just as if you sold the property out right.

good sam · « **Reply #572 on:** February 06, 2020, 10:58:23 PM »

Quote from: hvaces42 on February 06, 2020, 10:45:49 PM

With a proper nominee agreement, why not?

By proper you mean recorded?

Jellybelly · « **Reply #573 on:** February 06, 2020, 11:32:16 PM »

Quote from: good sam on February 06, 2020, 10:52:48 PM

You're required to pay transfer tax on the sale of the LLC just as if you sold the property out right.

Right, i was thinking that has to be the case otherwise you could do that with all real estate owned by an LLC and noone would ever pay taxes

hvaces42 · « **Reply #574 on:** February 07, 2020, 11:00:04 AM »

Quote from: good sam on February 06, 2020, 10:58:23 PM

By proper you mean recorded?

Doesnt need to be recorded. Can be submitted when the transfer is done and an exemption from transfer tax is claimed.

good sam · « **Reply #575 on:** February 07, 2020, 11:10:17 AM »

Quote from: hvaces42 on February 07, 2020, 11:00:04 AM

Doesnt need to be recorded. Can be submitted when the transfer is done and an exemption from transfer tax is claimed.

Yes but that doesn't address the "risky business" OP was referring to.

hvaces42 · « **Reply #576 on:** February 07, 2020, 12:20:24 PM »

Quote from: good sam on February 07, 2020, 11:10:17 AM

Yes but that doesn't address the "risky business" OP was referring to.

I dont know what risky business he was referring to. If someone buys a house and gets a mortgage and discloses that it will not be their primary residence, so your not getting the owner occupied rate, what is risky? The nominee signs an agreement that they are buying as nominee only until a later date. And if the bank has no issue on transfer of title (today they monitor land records for this) title can be transferred without paying an additional transfer tax. If the bank does have an issue then you will probably have to transfer and get a new mortgage at the same time.

good sam · « **Reply #577 on:** February 07, 2020, 12:27:05 PM »

Quote from: hvaces42 on February 07, 2020, 12:20:24 PM

I dont know what risky business he was referring to. If someone buys a house and gets a mortgage and discloses that it will not be their primary residence, so your not getting the owner occupied rate, what is risky? The nominee signs an agreement that they are buying as nominee only until a later date. And if the bank has no issue on transfer of title (today they monitor land records for this) title can be transferred without paying an additional transfer tax. If the bank does have an issue then you will probably have to transfer and get a new mortgage at the same time.

But you still have to trust the nominee.

Jellybelly · « **Reply #578 on:** February 08, 2020, 10:23:25 PM »

Quote from: good sam on February 07, 2020, 12:27:05 PM

But you still have to trust the nominee.

I do

hvaces42 · « **Reply #579 on:** February 08, 2020, 11:22:51 PM »

Quote from: good sam on February 07, 2020, 12:27:05 PM

But you still have to trust the nominee.

You have a written agreement that sets out everyones rights and duties. True, its only worth the remedies you can enforce. But thats why a properly drafted nominee agreement is needed.