freewaystar
Junior Member
What is the name of your state? California
I live in LA and want to sell my house and move to Austin. Both my parents and I are on the deed, though it was a verbal gift to me. They live in Texas and claim my house as a second residence since I have lived here for 10 years. The mortgage is paid off. The house was bought for $110,000 with $50,000 in upgrades. Adjusted basis is $160,000. I should walk away with $500,000 after all the fees are paid. My questions are...would I qualify for the $250,000 exemption? How would this all work regarding the capital gains with all of us on the deed? Would it be best to have him Quickdeed me the house as a gift?
He also rolled over capital gains from an income property prior to 1997 as a down payment of $26,000. I know it's messy but please help! I need to know what I will be working with before I buy another house. Thanks!!
I live in LA and want to sell my house and move to Austin. Both my parents and I are on the deed, though it was a verbal gift to me. They live in Texas and claim my house as a second residence since I have lived here for 10 years. The mortgage is paid off. The house was bought for $110,000 with $50,000 in upgrades. Adjusted basis is $160,000. I should walk away with $500,000 after all the fees are paid. My questions are...would I qualify for the $250,000 exemption? How would this all work regarding the capital gains with all of us on the deed? Would it be best to have him Quickdeed me the house as a gift?
He also rolled over capital gains from an income property prior to 1997 as a down payment of $26,000. I know it's messy but please help! I need to know what I will be working with before I buy another house. Thanks!!
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