Updated about 5 years ago on . Most recent reply
Looking for advice when transferring deed from parent to child
The home in question is in Florida and there is still a small mortgage on the property. The parent will stay living at the property but POA will hopefully be used to transfer ownership to their adult child
Will this be treated as a purchase by the IRS and is it a straight forward transaction? Any advice is much appreciated as the goal is to take control of the property to avoid foreclosure. Are there any other options that should be considered ?
Thank you in advance for any insight or advice you can offer