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Can I quite claim a property deeded to me

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slimkins Guest	Posted: Wed Sep 07, 2011 5:52 pm    Post subject: Can I quite claim a property deeded to me Like 0 Dislike 0 Hello, My neighbor has a house that was deeded to him from his mother in 2010...he owns the house free and clear...how can we lesen th capital gains tax for him and what should I do to make sure that I am not burdened with unneccessary costs and fees as well.... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Sep 07, 2011 7:18 pm    Post subject: Like 0 Dislike 0 Welcome slimkins, If your neighbor is selling off the property to you, then he will be liable for paying the capital gains taxes. The capital gains tax will depend upon the amount of profit your neighbor will be making from the sale of the property. You won't be liable for paying any taxes. If your neighbor wants to reduce the capital gains taxes, then it will be better if he could contact a tax adviser in this regard. _________________ Procrastination is the enemy of your financial success
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Sep 08, 2011 9:49 am    Post subject: Like 0 Dislike 0 You have 2 years to purchase another home, to avoid the capital gains tax. Its called a tax deferment exchange. Take a look into this and you will find much more info to help you in this situation. Good Luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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