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House swapping
Posted on 2/10/09 at 2:40 pm
Posted on 2/10/09 at 2:40 pm
Will we see it if the 15K tax credit passes? I can see condo owners "buying" the unit next door from each other. Same thing with the cookie cutter houses in alot of new neighborhoods. You could benefit from lower interest rates as well, but the closing cost and moving would suck.
3
Posted on 2/10/09 at 3:56 pm to Ric Flair
I proposed this to my bil last night. Just leave everyting and make the other person whole.
Posted on 2/10/09 at 4:04 pm to Ric Flair
Doesn't the 15K tax credit only apply to first time homeowners? If so, it wouldn't apply if you already owned a house or condo and moved next door. Someone correct me if wrong b/c I'm curious.
Posted on 2/11/09 at 6:41 am to MikeBRLA
quote:
Doesn't the 15K tax credit only apply to first time homeowners?
Nope
Posted on 2/11/09 at 10:54 am to seawolf06
I thought it was for first time homebuyers also. I know the original $7500 was.
Posted on 2/11/09 at 3:55 pm to Tangitiger
My wife and I are considering doing this ourselves. We bought a house in 2007 for 290K with 6% interest. The house is in my name alone. I'm thinking about selling it to her to get the credit and also lower our interest. Is this doable and smart?
Posted on 2/11/09 at 3:57 pm to GVT
quote:
My wife and I are considering doing this ourselves. We bought a house in 2007 for 290K with 6% interest. The house is in my name alone. I'm thinking about selling it to her to get the credit and also lower our interest. Is this doable and smart?
If this were black people with food stamps, you'd be calling it "gaming the system".
Posted on 2/11/09 at 3:59 pm to Tiger JJ
right, but is it legal?
Posted on 2/11/09 at 4:00 pm to Tiger JJ
LOL Jersey. It's almost embarassing, but should we do it?
Posted on 2/11/09 at 4:03 pm to GVT
I'd like to say that there's an "arms length transaction" contingency to the program, but I have no evidence of such an no expectation whatsoever that anything competent like that would have been included.
Posted on 2/11/09 at 4:28 pm to GVT
quote:
My wife and I are considering doing this ourselves. We bought a house in 2007 for 290K with 6% interest. The house is in my name alone. I'm thinking about selling it to her to get the credit and also lower our interest. Is this doable and smart?
Sure, why don't you sell it to her (i mean you) for a cool million dollars to artificially inflate her (i mean your) home's value.
Posted on 2/11/09 at 4:56 pm to Ric Flair
is there a catch of some sort to the $15K tax credit?
i thought it was understood that last yrs $7500, there was a catch.
i thought it was understood that last yrs $7500, there was a catch.
Posted on 2/11/09 at 5:27 pm to MikeBRLA
quote:
Sure, why don't you sell it to her (i mean you) for a cool million dollars to artificially inflate her (i mean your) home's value.
$700k in income without capital gains treatment
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