Dad's moving south

June 25, 2009 10:53 PM

Dads moving south and want's to give me the family home, Hurray! What is the best way to go about this, deed it over, sell, ect. we're in Ohio by the way.

I've lived here all my life, (Columbus, Ohio) the house is worth about $400,000. Dad got remarried and isn't worried about the cash. I've done some preliminary googling, but nothing solid, like, "First do this, then this, and most importantly, THIS..." Should he sell me the house for $1? What kind of taxes will we incur, and can they be avoided. Thanks Everyone!

posted by Benzle to Home & Garden (5 answers total)

Agree with get a lawyer. For one thing, there is the matter of step-up value. If he gives the house to you, your basis in the home is his basis. If you get it after he passes on, your basis is the value as of the date of death. The difference can be very substantial and well worth the couple of hundred dollars it might cost to get sound advice.

And that just addresses Federal law. Ohio wrinkles need an Ohio lawyer.
posted by megatherium at 3:12 AM on June 26, 2009

You're saving $400,000 on a house, so this is not the time to cheap out. This is a non-conventional transaction and you (the both of you) need some professional expertise here.
posted by DarlingBri at 4:10 AM on June 26, 2009

Lemme put it this way: doing this wrong could easily cost you $100,000 in taxes at some point. Easily. The $1,000-3,000 you're going to spend on a lawyer is thus totally worth it.
posted by valkyryn at 4:54 AM on June 26, 2009

What valkyryn said, emphasis on the word "easily".

What everybody else said too.
posted by powpow at 6:38 AM on June 26, 2009

BTW the type of lawyer I'd start with is an estate planning attorney/firm.
posted by powpow at 6:40 AM on June 26, 2009