Selling my house to my son
I am considering selling my house to my son. I am building another house and I own this house free & clear. I, like many others, built it over 20 years ago at a fantastic price. How could I sell it to him at a great price and yet help him avoid the gift tax? I am considering a bank loan for half the value and then a "personal loan" for the rest. I think I can gift him $18,000 a year and within 6.6 years, he would own the personal loan half of the house. Does this sound reasonable? Would a bank offer a half house loan? I also have another child so she is also a factor in regard to keeping everything equal.
Any suggestions or insight? Thank you!
Interesting Quote: "According to the report, 34% of U.S. homeowners will never sell their homes, while 27% plan to wait at least 10 years before breaking out the for-sale sign. Another 24% plan to sell in five to 10 years. Only 8% plan to sell in three to five years, while only 7% plan to sell in the next three years."