Posted on: 09th Sep, 2006 05:31 pm
I have been living in a home for 8 years which was paid for by my father. now I want to sell and move. Should my father sell it or quitclaim the deed to me to avoid capital gain
Hi aydelottea,
I don't think you can avoid capital gains tax even if your father quit claims the property to you. whoever sells the property has to pay the taxes on the profit from the sale proceeds.
Thanks
I don't think you can avoid capital gains tax even if your father quit claims the property to you. whoever sells the property has to pay the taxes on the profit from the sale proceeds.
Thanks
Hi,
You cannot avoid capital gains tax in your situation but you can at least qualify for the exemption. just go through pages, http://www.mortgagefit.com/discuss/about1892.html and http://www.mortgagefit.com/discuss/avoidtax-inpropertysale.html for more information.
Michelle
You cannot avoid capital gains tax in your situation but you can at least qualify for the exemption. just go through pages, http://www.mortgagefit.com/discuss/about1892.html and http://www.mortgagefit.com/discuss/avoidtax-inpropertysale.html for more information.
Michelle