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| Subject: buy sister's residence & leaseback | Date: 1/9/2001 1:46 PM | |
| Author: honeydog | Number: 44087 of 120406 | |
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She is 68 yrs old, only income social security. House with no mortgage has been her principal residence for 25 months. She sells to me, holding 30 yr, 8% mortgage, for $ 100,000+ gain without tax on such gain. I leaseback to her for lease pymts substantially less then total of my depreciation, improvements, taxes, mortgage interest. etc. resulting in annual loss on rental investment. 8+ years later, I sell back to her at price which, after recapture of my depreciation, results in small gain. Or, instead of selling back to her, I terminate lease and I move in as my principal residence for 2+ years, then sell to unrelated party for substantial untaxed gain. |
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