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Real Estate Tips
Tax Considerations >Not at ARMs Length

A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.

The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.

For answers to all your real estate questions, consult experienced professionals who are familiar with this area.

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Real Estate Trivia
Q 
Which islands are considered the largest islands in the US?

A 
The Hawaiian Islands with 10,456 square miles are followed by Kodiak Island in Alaska at 9,510 square miles.
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Aviva Frumer, REALTOR®, real estate agent and broker for Englewood Cliffs, Tenafly and Alpine, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Aviva Frumer
Friedberg Properties Association

20 West Clinton Avenue
Tenafly, NJ 074670
201-745-8842
Fax: 201-894-1356
avifrumer@NUMBER1EXPERT.com


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