What is the capital gains exemption?

[dean5665]

North Carolina

I am married and I want to sell $32,000 worth of property to two of my sisters. Would the capital gains exemption apply here?

 

[anteater]

No. But keep trying.

What is getting you so bent out shape about paying some capital gains tax? The max federal long term cap gains rate is 15%. Depending on what your other taxable income is, it might be as low as 5%.

And......

A gift is given without receiving consideration in return from the person receiving the gift. No quid pro quo, no "scratch your back and you scratch mine," no "not a gift per se"...... Nada.

 

[dean5665]

Well...

Just like most people, I am trying to pay as little tax as possible because my family needs as much money as we can get. I am not "bent out of shape" as you say. I am just worried about doing the right thing legally and for my family and the child my wife is expecting.