Mother-in-law places name in my mine and my husbands name to avoid care center

[SLJohnson]

What is the name of your state? Nevada

Hi there, I am new here and I really need some advice regarding some property issues. If anyone could help me I would be eternally grateful.

A little over 2 years ago my mother-in-law put her residence into mine and my husbands name. She did this so that if anything would happen to her that would cause her to have to go into the care center, the care center couldn't touch her property. Well last Nov., my husband and I and our children had to move with only 30 days notice from the State owned house that we were occupying. We had lived in this house for 4 years as it was a job requirement at the time of employment, and due to issues with mold and the fact that my husbands employer stated that they couldn't afford to build a new residence, we had to move.
The real estate economy in our area is just going crazy, we couldn't find anything to rent so we were forced to buy a home some 40 miles from where we were living. We weren't in a place of really being able to afford to buy this home. We had no savings and all of our cash flow was locked up in bare property. My mother-in-law decided (she is over 80 and going blind) that it was getting to difficult for her to live alone that she would like to sell her property (that was now in our names) and put the money towards the home that we were trying to buy. Now to my questions:

1. How can we avoid paying the capital gains on this home since it was not our primary residence? She lived in this home for over 30 years.

2. Can we sell our private property that is nothing but bare land and put that money into the home and property that we just purchased in January? Will we have to pay gains on this property?

I pray that there is some way around this as we were forced into this situation and had no other choice.

Thank you ahead of time for any help that you can give me.

Sandy

Originally Posted by SLJohnson

What is the name of your state? Nevada

Hi there, I am new here and I really need some advice regarding some property issues. If anyone could help me I would be eternally grateful.

A little over 2 years ago my mother-in-law put her residence into mine and my husbands name. She did this so that if anything would happen to her that would cause her to have to go into the care center, the care center couldn't touch her property. Well last Nov., my husband and I and our children had to move with only 30 days notice from the State owned house that we were occupying. We had lived in this house for 4 years as it was a job requirement at the time of employment, and due to issues with mold and the fact that my husbands employer stated that they couldn't afford to build a new residence, we had to move.
The real estate economy in our area is just going crazy, we couldn't find anything to rent so we were forced to buy a home some 40 miles from where we were living. We weren't in a place of really being able to afford to buy this home. We had no savings and all of our cash flow was locked up in bare property. My mother-in-law decided (she is over 80 and going blind) that it was getting to difficult for her to live alone that she would like to sell her property (that was now in our names) and put the money towards the home that we were trying to buy. Now to my questions:

1. How can we avoid paying the capital gains on this home since it was not our primary residence? She lived in this home for over 30 years.

2. Can we sell our private property that is nothing but bare land and put that money into the home and property that we just purchased in January? Will we have to pay gains on this property?

I pray that there is some way around this as we were forced into this situation and had no other choice.

Thank you ahead of time for any help that you can give me.

Sandy

First of all, it is not ma's property; y'all own it.

Q: How can we avoid paying the capital gains on this home since it was not our primary residence?

A: None that I know of; I wish I did!


Q: Can we sell our private property that is nothing but bare land and put that money into the home and property that we just purchased in January?

A: Yes, you can do anything with your money that you want. This is America!


Q: Will we have to pay gains on this property?

A: See answer to first question.

[SLJohnson]

Originally Posted by seniorjudge

First of all, it is not ma's property; y'all own it.

Q: How can we avoid paying the capital gains on this home since it was not our primary residence?

A: None that I know of; I wish I did!


Q: Can we sell our private property that is nothing but bare land and put that money into the home and property that we just purchased in January?

A: Yes, you can do anything with your money that you want. This is America!


Q: Will we have to pay gains on this property?

A: See answer to first question.

Gee, you sure are a wealth of information and might I add very knowledgable. Thanks for NOT answering my questions. I didn't realize that I was seeking the advice of a comedian.

Originally Posted by SLJohnson

Gee, you sure are a wealth of information and might I add very knowledgable. Thanks for NOT answering my questions. I didn't realize that I was seeking the advice of a comedian.

All the answers were 100% correct and 100% legal.

[PghREA]

Originally Posted by SLJohnson

Gee, you sure are a wealth of information and might I add very knowledgable. Thanks for NOT answering my questions. I didn't realize that I was seeking the advice of a comedian.

He did answer your questions correctly - sorry if it was not the answer you wanted to here. Talk to your CPA, the capital gains bite is probably not as bad as you think it is.

[aphytis]

I do not know if this is true for nevada but check into this.

If the house you are considering your mother's is not your primary residence and has not been ....it could be considered an investment property...look at doing a 1031 property exchange...It would have to be for another "investment property" but after some period of time as an investment property (I think 18 mo's) you can move into it as your primary residence.

..I honestly do not know all the details but it could in the long run be cheaper for you to rent for 18-24 mo's than to pay the Capital gains. at least it's worth checking into