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A family friend has a rental property that his father left to him. He wants to sell it, but will get hammered by capital gains taxes. I'd like to buy it, but I don't have the money. Would it work to:
A) Form a corporation with he and I...
B) Move the property under the corporation...
C) Take out a mortgage for an agreed upon price...
D) He becomes a silent partner in the corp., and I repay the loan from the monthly rents.
He would have access to the money, but would he be responsible for the funds as though they were a sale price? And would this circumvent the tax?
A) Form a corporation with he and I...
B) Move the property under the corporation...
C) Take out a mortgage for an agreed upon price...
D) He becomes a silent partner in the corp., and I repay the loan from the monthly rents.
He would have access to the money, but would he be responsible for the funds as though they were a sale price? And would this circumvent the tax?