Capital Gain Tax

Pitman1 · Joined: 06 Oct 2008 Posts: 1 1.28 Dollars($)

My Mom and I remodeled a home in California and have been living in it for almost two years. My name is not on the deed but we want to sell it and maximize on the capital gain tax. Can we add my name to the deed only and when it comes time to sell, be able to claim as much of the $250,000 each for owner occupant?

Caron · Posted: Tue Oct 07, 2008 4:59 am Post subject:

Well Pitman, a single owner can get tax exemption for $250,000 in profit from the home sale. If he is married, he can claim exemption for twice the value of profit. But I don't think you can claim exemption for $250,000 as because you are the occupant.

An owner and occupant can only claim exemption for twice the profit amount provided, they are in a marital relationship.

Good luck

All times are GMT - 7 Hours

Page 1 of 1