capital gains tax
We are going to sell our home.
The deed to the home is in my name, my wifes name, and my mothers name.
However, the loan is in my mothers name, she lives with us, and we pay the Mortgage.
When we sell the home how do pay capital gains?
How does the deed or loan affect this?
Asked on 2/09/07, 12:51 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: capital gains tax
Capitol gains is reflected on your income tax not in the sale documents. In this case the capitol gains would be divided according to the interest each of you has in the property. If you purchase another home of equal or greater value; the money from the sale of the old home that is placed in the new home is not subject to capitol gains. Talk to your accountant for full details.
Answered on 2/12/07, 11:19 am
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