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I have an owner of a property. She put the house in her

I have an owner...

I have an owner of a property. She put the house in her daughters name. Have owned it since 2015. Owner wants to borrow and the property. She wants daughter to quitclaim to her and then do a private loan. How does affect capital gains?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Read the above question. everything is there.

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Answered in 1 minute by:
3/21/2018
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 17,628
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Let me make sure I have this correct:

Mother gave the daughter the house (in full not just added her name to deed) now mother wants daughter to give the house back.

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Customer reply replied 1 month ago
Also after the private loan (which will be used to purchase another property), the new owner will list the house for sale within about a month (proceeds will be use to payoff the loan).
Customer reply replied 1 month ago
that is correct.

The loan, who is liable for the private loan? The mother? I mean it's the mother that wants to borrow using the house.

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Customer reply replied 1 month ago
After the quitclaim, a private loan will be done in the mother's name. After the loan is completed, the house will be listed for sale about 1 month later. How does that affect capital gains?

Gift tax reporting by daughter (form 709) to report the gift.

When the mother sells she retains her original cost plus improvements as her cost. I have to check on holding but think it's short

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If you receive a gift of property and your cost basis in the gift is figured by using the donor's basis (such as in the gift of appreciated stock or this property), then your holding period includes the donor's holding period. This is known as "tacking on," because your holding period adds to the original donor's holding period.

Long term

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Looks to not effect it much at all.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago

Okay well let me ask my broker who is also an attorney just to be sure. He requested that I find out from a financial professional. Awesome thank you and I will use you again! Shoot me your info! Regards, Tony ****** ************* ********************* Inc. ***************** BRE License # ************ **********************

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting. Scroll up to see the STARS

TaxRobin
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Experience: 15 years of experience in financial advising with emphasis on tax issues.
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