Taxes on Capital Gains, special case
Hello BPers!
The deal:
1. You have a paid off mortgage on an investment property intended to be an inhertance.
2. There are 2 family members on the deed.
3. One family member is retired and shows less than 35000 per year of income. The other family member (the inheritor) shows a significant 6 figure income.
Question 1: (only BP geniuses dare reply:)
What do you recommend in regards to structuring the disbursement of funds. To what accounts and in whose name, etc etc. And why????
The funds are going to be used to purchase more real estate, where the retiree will get a % on the total sum yearly, and the working member can leverage as he sees fit.
Let's start with that. Bring it BF!