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Selling Family Owned Rental Property to Relatives

My grandmother offered to sell one of her rental property's to me at below market rate; there are three units on the property. This would be an owner- financed sale and I hope to live in one of the units. My grandmother just wants what she is already collecting from the units - which would basically go towards the principle until she passes (hopefully never), then at which time the money would go into a trust. Will my grandmother incur any unwanted taxes like Capital Gains or Gift? From what I understand, if this were just one home that I was going to live in, none of these taxes are issues; but the fact that there are rental units involved, now I'm not sure...
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July 18 2013 - Alameda
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You really need to see at least a CPA if not a tax attorney there are all kinds of issues in play that might not be able to be undone once you complete the transaction.  An hour spent with a tax proffesional could save you and your grandmother a lot of headache later.  Good luck owning realestae is usually a good idea.
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July 18 2013
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Thank you so much Troy, that's exactly what we are going to do!

Best,
Matt
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July 20 2013
 
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Selling Family Owned Rental Property to Relatives
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July 20 2013 | 2 answers
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