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Property Transfer to brother with cash out

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Niicss




Joined: 03 Oct 2005

Posts: 4772
Location: New Jersey
499.62 Dollars($)
Post Posted: Sat Dec 20, 2008 2:03 am    Post subject:
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Hi frank k

As far as I know, you will have to pay capital gains tax for selling the rental property. However, if you can turn the rental house into your primary residence, stay there for 2 out of 5 years and then sell the property, such a sale will make you eligible for the capital gains tax exclusion.

Thanks.

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