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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($)	Posted: Sat Dec 20, 2008 2:03 am    Post subject: Like 0 Dislike 0 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. _________________ Good is the Enemy of Great.

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