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The Record (Hackensack, New Jersey) (via Knight-Ridder/Tribune Business News)
AUG-02
The Record, Hackensack, N.J., Investment Mailbag Column.
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The Record, Hackensack, N.J., Investment Mailbag Column.
Publication: The Record (Hackensack, New Jersey) (via Knight-Ridder/Tribune Business News) Publication Date: 10-AUG-02 |
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COPYRIGHT 2002 The Record
Byline: Ted A. Carnevale
Aug. 10--QUESTION: My wife and I own a two-family duplex in Allendale. My son and his wife live on one side of the house. If I were to sign my wife's share of the house over to my son and his wife, would there be any tax implications? If my son then lived in the house for two years, sold it, and purchased another one-family home, would he get a tax break on half of the house? What would my tax consequences be?
I have depreciated the house over the years. If I were to sell the house to my son at the depreciated value,...
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