add a name(s) to deed?

[strohlde]

What is the name of your state? My wife and I live in Colorado but the home and my mother-in-law live in Ohio

My father-in-law died about 3 years ago now and my mother-in-law moved out of their house a bit over a year and a half ago. The title is solely in her name. My wife and I are thinking about remodeling the home and selling it so that we can actually get some money out of it. What is the best way to go about it. If we have our names added to the deed and sell it how will that work with capital gains? Does the $250k limit go out the window? Should we just keep it in her name and have her gift the profit to us? She owns the home free and clear and we've already agreed upon the amount she will get, the rest comes back to us. As it's in the burbs of Cincinnati it's not worth a whole lot, in its current state maybe about $60k and we're looking to sell for $120k after remodeling (the house was a mess).

Any suggestions or advice on how to minimize tax liability for all parties is greatly appreciated.

[HomeGuru]

Originally Posted by strohlde

What is the name of your state? My wife and I live in Colorado but the home and my mother-in-law live in Ohio

My father-in-law died about 3 years ago now and my mother-in-law moved out of their house a bit over a year and a half ago. The title is solely in her name. My wife and I are thinking about remodeling the home and selling it so that we can actually get some money out of it. What is the best way to go about it. If we have our names added to the deed and sell it how will that work with capital gains? Does the $250k limit go out the window? Should we just keep it in her name and have her gift the profit to us? She owns the home free and clear and we've already agreed upon the amount she will get, the rest comes back to us. As it's in the burbs of Cincinnati it's not worth a whole lot, in its current state maybe about $60k and we're looking to sell for $120k after remodeling (the house was a mess).

Any suggestions or advice on how to minimize tax liability for all parties is greatly appreciated.

**A: this is not the Tax Law forum.

[PghREA]

You need to read up on capital gains tax. One of the requirements is that you MUST LIVE in the home at least 2 of the last 5 years you owned the home.

[HomeGuru]

I quote: so read-

Originally Posted by HomeGuru

**A: this is not the Tax Law forum.

[strohlde]

Originally Posted by PghREA

You need to read up on capital gains tax. One of the requirements is that you MUST LIVE in the home at least 2 of the last 5 years you owned the home.

I know that rule.. but does that apply to everyone on the deed? My mother in law has lived in the home for at least 2 of the last 5 years. How would that work? Would her portion be tax free while ours would be taxed??

And HomeGuru... don't you have anything better to do? 28.68 posts a day for 5 years? Hopefully you're making some $$$ off of this forum. If you have any advice I'd love to hear it.... otherwise... well I'll just keep that to myself.

[HomeGuru]

Originally Posted by strohlde

I know that rule.. but does that apply to everyone on the deed? My mother in law has lived in the home for at least 2 of the last 5 years. How would that work? Would her portion be tax free while ours would be taxed??

And HomeGuru... don't you have anything better to do? 28.68 posts a day for 5 years? Hopefully you're making some $$$ off of this forum. If you have any advice I'd love to hear it.... otherwise... well I'll just keep that to myself.

**A: you're an idiot. You posted in the incorrect forum. Boy, your stupidity is really taxing.

[strohlde]

You must live a pathetic existence if you resort to calling people idiots when they simply ask a question that crosses two categories. I'm going to go out on a limb here and assume that real estate law is in some ways related to taxes.... but if you're just going to be stubborn about it go ahead. And I have no idea how to go about getting my wife and I put on a deed that someone else holds (that is part of the question... I'm just a lowly idiotic engineer so I'm not knowledgeable on that area... anyone can assume knowledge but it usually helps to have a brain to figure out how to use it.) I did post in the tax area and no one has responded as of yet. At least someone other than you replied here. The point is not to shoot me down because you consider my post to be misclassified, if you have any info share it. That's the whole point of this forum. I wonder in how many of your other 55,000 + posts you've resorted to name calling. Anyways hopefully somebody else will actually be of some use.

Good day!

[HomeGuru]

Originally Posted by strohlde

You must live a pathetic existence if you resort to calling people idiots when they simply ask a question that crosses two categories. I'm going to go out on a limb here and assume that real estate law is in some ways related to taxes.... but if you're just going to be stubborn about it go ahead. And I have no idea how to go about getting my wife and I put on a deed that someone else holds (that is part of the question... I'm just a lowly idiotic engineer so I'm not knowledgeable on that area... anyone can assume knowledge but it usually helps to have a brain to figure out how to use it.) I did post in the tax area and no one has responded as of yet. At least someone other than you replied here. The point is not to shoot me down because you consider my post to be misclassified, if you have any info share it. That's the whole point of this forum. I wonder in how many of your other 55,000 + posts you've resorted to name calling. Anyways hopefully somebody else will actually be of some use.

Good day!

**A: Ok, let's put your lowly engineeering mind to work. Software engineers have created an awesome software program that takes each thread in a designated forum and archives them by specific by key words.
Thus, threads pertaining to tax issues posted in the Tax Law can be found using the search function by identifying key words. How would you help other users of this website, if they wanted information on your specific tax issue and searched the Tax Law forum, when your thread is archived in the Real Estate Law forum? I know you did not have a clue about this before, but maybe now you do.

[strohlde]

Actually the nice thing about search functions is they work across the entire span of topics and categories (if designed logically)... so it's completely irrelevant which category a specific post or thread falls under. If a thread winds up in the wrong area it may be a bit more difficult for a retard to find but if the site is worth anything and the user has half a brain they can simply search and get the related threads or posts back regardless of where they fall…they could make a thread appear under three different categories if they so chose..if it was relevant to all three…it's kind of like magic. Actually the best way to do it is to dump it all into one pot and each user creates their own search criteria.. then people don't post in the wrong thread and get jumped all over by everyone else for not being quite sure where something is supposed to go. These particular systems are not overly efficient.

Anyhow you annoy me and I've got better things to do than respond to the king of freeadvice.com postings…..like pick up dog ****. Hopefully you hit 100,000 posts… that would be something tremendous! But I can't imagine any of them would offer up much advice as all you've done is convince me you're a complete jackass!