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MyVirtualCPA, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 16580
Experience:  CPA with tax experience ready to help you with your capital gains and loss questions
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My dad put s home in my name & my brothers in 2009. We sold

Customer Question

My dad put his home in my name & my brothers in 2009. We sold the house May of 2016. We live in WI. What % Will we pay in capital Gains. My dad paid $250,000 for it. We sold it for $260,000
JA: PayPal, Debitcard or credit card are all fine. I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else the Accountant should be aware of?
Customer: The house was put in my name & brothers name in 2009 so if he went into a nursing home his property would b protected. We sold it cause he is 85 & moved to Senior living.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  MyVirtualCPA replied 1 year ago.

Thank you for your question - the gain would only be $10,000 on this sale - your basis is equal to his basis. In this case, you would each pay capital gains on $5,000 -- the rate of capital gains of 0,15, or 20% is based on your total income. If you are in the 10-15% bracket you pay 0% capital gains taxes and if you are in the 39.6% bracket you pay 20%. Everyone else (majority of people) pay 15%

Also, keep in mind that if there were any major renovations over the years (new roof, new HVAC, etc) that you can also deduct those costs from the cost in the year of the sale - which over time you may actually generate a loss on the property. Since it's used by family you would not be able to take a deduction on the loss.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 1 year ago.
Thank u. For your advice. Very helpful. I do not want to pay any monthly fee for using this service. Please only charge my credit card this one time only.
Expert:  MyVirtualCPA replied 1 year ago.

You're welcome - please rate so that I may receive credit for assisting you today. Thanks so much.