Posted on: 19th Jul, 2009 10:20 am
The house is valued at about $650,000. My daughter will put $150,000 down and I will carry the balance. The house has been paid off for many years. How does the capital gain work when I carry the loan for 30 years? How does the $500,000 federal deduction work? Thanks
better you add her name using quit claim deed. since you are not selling anything, you need not to worry about capital gain tax. also note that you can continue with mortgage loan