SpiritRider2003
Junior Member
What is the name of your state? Illinois
Thank you for your time... I own a house which I "rent" to my sister. There has never been any formal agreement and she pays me what she can afford. She wants to buy the house and the bank suggested that we do a Quit Claim Deed and then my sister can take out a home equity line of credit to pay me for the house. My question is will I be responsible for capital gains on the money I receive? If so, is there any way to avoid the taxes? Thank you.
Thank you for your time... I own a house which I "rent" to my sister. There has never been any formal agreement and she pays me what she can afford. She wants to buy the house and the bank suggested that we do a Quit Claim Deed and then my sister can take out a home equity line of credit to pay me for the house. My question is will I be responsible for capital gains on the money I receive? If so, is there any way to avoid the taxes? Thank you.