You're asking a bunch of armchair lawyers (and that includes me) for legal implications of future actions. You can't hold anyone accountable in this forum if the information provided to you is wrong. Laws differ state to state and that can (and almost always do) affect things on the federal level. You need to seek the services, advice and assistance of a real estate agent *AND* a CPA or tax attorney in your local jurisdiction to get facts, and to have someone you can hold legally accountable and financially culpable for the services and/or advice and information they provide you.
