---

Capital Gains and Family Quit Claims

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Terri Guest	Posted: Wed Sep 21, 2011 7:31 am    Post subject: Capital Gains and Family Quit Claims Like 0 Dislike 0 My husband and I own a house, with his sister and her husband(equal partners for 6 years). THe house cost $230,000 originally, today the house is worth $160,000. I want to buy out my sister-in-law/her husband's interest and let my mother live there. Since there is a loss of $70,000 split 2 ways, do my in-laws have to pay Capital Gains on any money received after the current mortage is satisfied? Thank you! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Sep 21, 2011 7:58 pm    Post subject: Like 0 Dislike 0 Hi Terri, If your in-laws gain any profit from the sale of their share of the property, then they might be liable for paying capital gains taxes. It will be better if you and your in-laws contact the tax adviser and take his opinion in this matter. Thanks

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0