What is the best way to purchase the home we are renting from my parents?

We are currently renting a house from my parents. Their tax basis is roughly 1/10 of its current value. We would like to buy 60% of the house initially, and pay off the rest to my parent's over time. What would the tax consequences be and what would the best way to do this - or should we just continue to rent and buy another investment property?

Buy it on a land contract. You dont want to continue to throw money away by renting. Good luck!

um...I have no idea really.

I guess you could give them an amount they couldn't refuse, or as bad as it sounds, wait until they are resting in peace and you just get the house.

if you have the same last name, you can just do a grant deed put you on title, then do a quit claim and take your parents off title then the house is legally your

Discuss the details with your parents. If they can not help you figure out the business at hand, ask them who they know that can explain the best arrangement.

Otherwise you may need to talk to a Home Mortgage Adjuster.

These things get complicated, spend a few bucks and ask an accountant what the ramifications are, and how best to set up the sale/purchase.

Tags

　　Venture Capitalist 　　Venture Capital 　　VC Fund 　　Vanguard Fund 　　Value Investment 　　Trust Investment 　　Stock Investment 　　startup Investments

Related information

Want to buy approved plot in and around chennai for max 10L. whom to contact??

contact the concerned "Development Authority"of the area where you want to purchase a plot. because u have not mentioned the area of your choice ,so it will be wrong to suggest specific...

I am trying to buy a house, do you think 59000 is alot for a 2/1 condo in houston, tx?

Every market is different, so to say yes or no is only coming from the perspective of where I live and do business as a realtor. I am in Florida and 59k is a very good #! I would look at rental p...

Help with a question?

Are you going to list ALL of your homework problems here and hope someone does them for you?

...

Are townhomes in Raleigh, NC a good investement?

Living in Raleigh, I would say that a townhome is definitely a good investment here. Yes, there are some going up constantly, but your house will not significantly depreciate in value because of t...

Is it a good deal?

It's a tough decision, cuz no one knows exactly what the market will do now. It sounds expensive to me, but I bought in a more rural area, so perhaps prices are different there. When you u...

My friend got told to buy Iraq Dinars from ebay while they are cheap now..BUT...?

Bad idea. You might make a fortune, but right now it seems more likely that you will lose the lot. The US presence will continue for years but is likely to be scaled down significantly. Especial...

What's your opinion about having the magnet on the phonebooks?

I've never thought about that, but sounds like a good idea. It depends on costs of the magnet and the response you expect. i would test market the magnet idea with a small population first t...

How do you determine the asking price for a home when there are no comps?

If the seller is considering rooms (without closets) as bedrooms they will have a shocking discovery when the appraisal is done, because rooms without closets are not bedrooms, and no lender or app...