nnwilliams@mac.
Beach Comber
Can anyone give me info on how to do a lot swap? Thanks.
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Can anyone give me info on how to do a lot swap?
- Thread starter nnwilliams@mac.
- Start date
AAbsolute
Banned
This can be an exciting transaction tax wise. I understand that, if all the conditions are in order, you can sell a property to someone for today's appraised value and if you take a loss you can write that amount off of your taxes if needed.
You can also buy another persons property for today's appraised value whereby that Seller can take a loss which can be written off of their taxes if needed.
If you'll tell us a little more someone may be able to give you a better answer.
Is there a mortgage on either?
Are there any improvements located on either property?
How are the properties titled: personally, husband and wife, LLC, Corporation, Trust?
nnwilliams@mac.
Beach Comber
Location is in the same neighborhood, both lots are titled in husband and wife, no improvements. I have no mortgage on mine. I beleive I can only use the loss aainst other capital gains.
AAbsolute
Banned
If you don't have capital gains you want to offset then then I don't know enough about taxes to offer any advice there.
If you have no mortgage and the other property owner has no mortgage it should be as simple as filing a Quit Claim Deed. I'll attach one that I used.
If you want to insure the Title against defects you should probably use a Title Company so they will get the Title search done and issue a title insurance policy.
The attachment is in Word so you can manipulate it any way that you want.
AAbsolute
Banned
Let's try and attach a smaller version of the document.
nnwilliams@mac.
Beach Comber
Thank you so much!
AAbsolute
Banned
If you chose to do-it-yourself you may want to do your own simple title search online. If the other party has a mortgage you will need some assignment doc's from the mortgage holder. If there is a mortgage on the other property there will be some Doc Stamps to be paid.