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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3011
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I own a home in Las Vegas that my invalid mother and brother

Customer Question

I own a home in Las Vegas that my invalid mother and brother live in. We bought it as a family to care for my mom. I live in Colorado but go there often. Is there any way to avoid capitol gains taxes on the residence other than the two year rule?.. family has occupied the house for five years, however the house is in my name.
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Unfortunately, the sale of home exclusion as it pertains to capital gains tax requires that the property be OWNED and LIVED IN for 2 of the 5 years immediately preceding the sale. Because you are the only owner of the property, the sale of home exclusion cannot be used and capital gains tax, if any, would be due when the property is sold.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Best regards,

Barb