Swapping lots - legal and tax implications
Hi, I would really appreciate it if someone can give me advice on the following: - I am a South African and own a lot in Georgia, USA. My neighbor needs more privacy at his home, and is offering to "exchange" another lot he has bought in the neighborhood, for my lot. Feedback from his Real Estate Paralegal $ Closer Office is the following: "We can prepare Deeds to exchange, one lot for the other. No market values involved. You are literally just swapping properties. They will be recorded together so that the title changes hands at the same time with no overlapping. The costs of the Deed and recording is $130.00 (est) each deed. No values of properties are mentioned in this transaction."
Really? Is this possible? And what is the situation regarding Capital Gains tax?