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If I deed my 4-plex to my dad, he gets to keep my 2001 tax basis. Later, he could transfer this tax basis to another property, I think, because he is over 65. IS this true??? Dad is also disabled, if that matters. If I transfer my fourplex to my dad's name and he lives here as a primary residence, how long would he have to be on title to transfer the tax base to another property?
If I keep it in my name, I have the option of a 1031exchange to avoid capital gains, but I don't think the tax-basis would transfer. Is this right?
How do I put property into dad's name without mom (Still married but separated for 22 years) getting her hands on it? If I could get my mom to sign a quitclaim now, will this protect my dad (and his heirs) once the 4plex is deeded to his trust? How can we be sure? Since this property has over 100,000 in equity, we need to be sure mom doesn't try to come after that. Oh and the other thing is if I put the 4plex in dad's name does the mortgage have to be in his name for tax-base transfer to work? We want to sell this place when dad can qualify to transfer the tax base and then buy a real house. Please help me and my dad get into a real house. Thanks so much!
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I believe the senior tax base transfer is County specific. You should check with your county assessor's office/website. With the dad and mom issue you might want to think about and be able to accomplish your mission with a 1031 exchange. Lastly it is possible that the property values in your area are at or below the 2001 values, have you checked?
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