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8/25/2012
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VerifiedThat is not exactly accurate in terms of what your friend understands.
There is no way to avoid capital gains tax. The only exemption is for a principal residence in which case no tax is paid.
Capital gains are calculated by taking the sale price of the property and subtracting the acquisition cost and then subtracting legal fees and commission as well as any costs for capital improvements.
1/2 half of this gain is counted as income for tax purposes.
If both their names are XXXXX XXXXX then 1/4 of the gain would be counted as income for each of them.
Let me know if you need further clarification.
There is no way to avoid capital gains tax. The only exemption is for a principal residence in which case no tax is paid.
Capital gains are calculated by taking the sale price of the property and subtracting the acquisition cost and then subtracting legal fees and commission as well as any costs for capital improvements.
1/2 half of this gain is counted as income for tax purposes.
If both their names are XXXXX XXXXX then 1/4 of the gain would be counted as income for each of them.
Let me know if you need further clarification.
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