Legal Question in Real Estate Law in Nevada

We have a house with an assumable loan and even though there is equity in the home can we allow a relative to assume the loan without any money changing hands? How will this affect us in regards to taxes?

Asked on 6/01/15, 8:27 am

1 Answer from Attorneys

Paul Malikowski Malikowski Law Offices, Ltd.

If you are selling the home, you may realize capital gains on the sale, which may be exempt from taxes under certain circumstances. Your tax advisor can comment further. The lender usually charges an assumption fee, so money may have to change hands.

Read more
Answered on 6/01/15, 2:12 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Nevada