capital gains

What is the name of your state?
Maryland.

My brother and I, AND ONLY US are on the deed to my Father's house. My brother has lived in the house for 3 years rent free. My Father lives with me and my wife, he's 82 and is in bad health. I want the house sold. If we sell the house, do I have to pay capital gains? If not, will I then have to pay it when the time comes when I want to sell my own house. Which might be in the next couple of years. I'm 51, if age has anything to do with it.

v/r
joe

sounds like you may have to pay cap gains since you have not lived in the house for any 2 of the previous 5 years. only on your half though.

here's my question, even though your name is on the deed, what if you agreed that your brother is the "primary" owner ? can remove your name from the deed so the house is all his ? sounds like he could then sell the house & exclude upto $250k in cap gains (assuming he's single). all the proceeds would also be his, however, if your dad has other assets & a fair division of his assets is a goal, maybe you get more of those other assets. or your brother could gift you 50% of the proceeds & he would have to file a gift tax return.

sounds complicated, however, seek the advice of a professional since there could be significant tax savings achieved with proper planning.

are you an eagles fan ? the band, not the team