Posted on: 21st Nov, 2007 10:20 am
property to me. We were both on the original deed. Will I have to pay capital gains tax if I am already on the deed, and no money was exchanged in the property transfer?
no you already own the property
Hi Sison,
You need not to pay any capital gain tax here. Over here you are not selling any property. It will be applicable on selling a property with profit
You need not to pay any capital gain tax here. Over here you are not selling any property. It will be applicable on selling a property with profit
Hello Sison,
I completely agree with the above posters. You do not have to pay a capital gains tax if you are not selling the property.
You will owe capital gains tax if you sell your property at a higher price than your cost basis.
You will get further information on capital gains here at http://www.mortgagefit.com/know-how/capitalgainstax.html
Have a look at it.
I completely agree with the above posters. You do not have to pay a capital gains tax if you are not selling the property.
You will owe capital gains tax if you sell your property at a higher price than your cost basis.
You will get further information on capital gains here at http://www.mortgagefit.com/know-how/capitalgainstax.html
Have a look at it.