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#1
04-05-2005, 06:44 PM
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 tax laws on seller's profitsI'm a resident in Nevada. I was added to the deed of my mother's 2d home property (Nevada residential property) last year. I have lived in the residence for the entire time since it was purchased in Dec 2000, she has not, she resides in California. We plan to sell and will realize a profit of about $350k to $450k. My mother is married, my significant other and I are not. What capital gains laws etc. apply to the transaction/us and what is the best way to retain as much profit as possible?BryonS2@aol.com |
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#2
04-05-2005, 06:48 PM
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| Live in it for 2 years and your home free as your primary residence. This means ALL of your legal obligations are subject to NV law pertaining to residence. |
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#3
04-05-2005, 07:15 PM
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| Mom has to file a gift return for half the amount of her basis. Your basis is the gift amount plus any gift tax paid. If you live in it and own it for two years, you can exclude gain up to $250,000. Mom will have to pay capital gains on her full gain. You don't say whether Dad/Stepdad and your SO are on the deed as well. Snipes
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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