How can i buy a house from my parents and avoid sales taxes? Im in florida and they have a house they rent out and im considering buying it at whatever is left on loan and without extra fees
Answer
There is no sales tax. There is a fee for recording the deed depending upon how much you pay. Make sure the mortgage is satisfied of record.
Answer
There is no sales tax on real estate sales. There likely will be a tax impact on them on the difference in the basis they have and whatever the sales price is. I would suggest you contact an attorney and accountant before doing this deal.
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