What is the best way to sell the house and not get heavily taxed?

TONJR: What is the best way to sell the house and not get heavily taxed?
My Dad and Mom bought a house 40 years ago in New York for $ 34,000. My mom passed away 3 years ago The house is now in a trust with my sister and I for my Dad. The house is worth about $ 675,000 now. My Dad wants to now move , sell the house and get remarried. He only wants about$ 175,000. Can he give the house to me as a gift or sell it at lower than market value price to avoid taxes and capital gains and then I take an equity loan to give him the money he needs?

Answers and Views:

Answer by ttpawpaw
There are a lot of ways to pass property. The best thing to do is to talk to a realestate lawyer. The tax laws have changed considerably over the last ten years. It is possible that you might not owe any taxes at all since there are three of you. A lawyer is the absolute best bet. If you call the NY state bar they can provide you with a referral consciltation which will cost you between 25&50 to get you started.

Answer by Debbie2243
do it the legal way…..if the irs finds out you could spend 10 years in jail
do the right thing…pay your taxes.

Answer by ron d
refinance it and take a lot of cash out before you sell it.