The dream of Las Vegas homes is getting to be a bit daunting for some first time buyers. Are your own kids among the many that are being priced out of a first time buying opportunity due to soaring prices? With the median price of re-sale homes hovering at $250k, and the median price of a brand new Las Vegas home hitting an eye-popping $272K, it's getting harder to get started. At MS Las Vegas Real Estate, http://www.mslasvegasrealestate.com/ we've noticed a trend of late that is common in markets where supply has been tight and prices have soared over a short period of time.
A growing number of parents are seeking to help their children through the vehicle of an intra-family home sale. This choice can sometimes take the place of inheritance as it helps the first time youngster now rather than later. Often times the parents are leaving their Las Vegas home for a new environment in another state (Utah and Arizona are prime examples) and wish to give their kids a boost with their Las Vegas home at a helpful price. While this can be a positive decision all around, it is critical to involve your personal tax adviser in the details of implementing this plan. A very good way to attract the attention of the IRS is to sell your Las Vegas home to a member of your own family at less than fair market value.
Believe it or not, an overworked and understaffed IRS actually tracks this type of activity quite closely.
Aside from irate neighbors who worry about comparative values, there are plenty of other issues that must be addressed carefully (gift taxes and capital gains being only two among many) to make this a successful transaction. A qualified tax planner is an essential ingredient in any such endeavor.
Ownership of a Las Vegas home is becoming an increasingly valuable asset both for yourself and for your children's future as well. The MS Las Vegas Real Estate team knows how important your home is to your personal happiness and your financial future. Don't hesitate to put our expertise to work for you.
