[stuckinhome]

My father purchased a home for me, cash in full. I have repaid him as per our agreement. He agreed to transfer ownership of the home over to me as he was able each year as a gift to avoid paying taxes. He has not done that and I would like to have the home transferred into my name so I can get out from under him. Is there a way to transfer the home into my name and get his off? Is there a way he could "sell" me the home like for $1 to get his name off the home?

[excon]

Hello stuck:

Nope, not for a dollar, cause that isn't the truth. The truth is that you bought the home from him at the price you already agreed to - and DID.

I don't know what's in his mind about taxes... His sale of the house to you is NOT a taxable event unless he sold it to you for far MORE than he purchased it for, and then the taxes would only be capital gains... It wouldn't be MUCH at all - if ANY.

So, his scheme to avoid taxes makes NO SENSE at all.

If I were you, I'd hire a real estate attorney and get YOUR house!! He will put together a purchase and sale agreement and close the deal. If you father balks, your attorney can threaten him with criminal action.

excon