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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Capital gains tax

Customer Question

Capital gains tax?
Submitted: 4 years ago.
Category: Tax
Expert:  Anne replied 4 years ago.
Did you have a question about capital gains tax? Could you please provide details so that a tax expert can help you?

Thank you.
Customer: replied 4 years ago.
Another expert replied sorry most have been a duplicate. However if you have something to add. Myself and my husband are paying for a house in my father-in-laws name. We paid the down payment and closing costs as well as every mortgage payment. The mortgage and deed are in my father-in-laws name. We know want to sell the house and invest the equity in another home. The expert replies we could sell the house and pay the taxes on any equity or my father-in-law could quick claim the house to us back to the original date of purchase. Then we could sell the house and pay off the mortgage and reinvest the money in another home.
Expert:  Anne replied 4 years ago.
Hi Jacustomer-22-ckjf

Thank you for using justanswer.If this home was your father in law's main home, and he owned and lived in the home as his main residence for at least 2 out of the past 5 years, then you might be better off tax wise for him to sell home, since he can exclude up to $250,000 ($500,000 if married filing jointly and both spouse's meet the above requirements).

This would undoubtedly greatly reduce any capital gains tax that might be due at the time of sale. Please see below:

Excluding the Gain

I hope this helps.

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Anne
Anne
Master Tax Preparer
1902 Satisfied Customers
Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses