Can the borrower’s spouse or children own part of the real estate for tax purposes or estate planning?
Yes. Anyone can own the real estate. The ownership of the property does not have to match the ownership of the operating company. Many small business owners (for liability, tax or estate planning purposes) choose to have the building owned by someone other than themselves or the operating company.
Related Questions
- How is the sale of real estate treated for tax purposes when the land has been subdivided and only a portion of the subdivided property is sold in a subsequent sale?
- I am considered a military nonresident for tax purposes. Is the income earned by my civilian spouse or child subject to Idaho income tax?
- Is a limited partnership established for estate planning purposes or merely to own a life insurance policy subject to tax?
