Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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.

Show More
Show Less
Ask Your Own Finance Question
Answered in 1 minute by:
3/21/2018
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,382
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified

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.

Ask Your Own Finance Question

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.

Ask Your Own Finance Question
Customer reply replied 4 months 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 4 months 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.

Ask Your Own Finance Question
Customer reply replied 4 months 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

Ask Your Own Finance Question

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

Ask Your Own Finance Question

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.

Ask Your Own Finance Question
Customer reply replied 4 months 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
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,382
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified
TaxRobin and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,382
18,382 Satisfied Customers
Experience: 15 years of experience in financial advising with emphasis on tax issues.

TaxRobin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I am 66 yr old. My 40 yr old daughter lives with me. Best
I am 66 yr old. My 40 yr old daughter lives with me. Best way to transfer house to her upon my death or now? Will putting her on the Deed cause a reassessment of my home? Putting her on loan, requires… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Second opinion] I am an only child and my mom is single - If
Second opinion] I am an only child and my mom is single - If she were to quitclaim deed her house to me, I'm assuming I would take on her cost basis in the house. If that is the case, I fairly confide… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We loaned our Daughter $40,000 for a down payment on a house
We loaned our Daughter $40,000 for a down payment on a house she is purchasing. She has excellent credit and qualified for a home 300,000 more than the one she is purchasing but she just did not have … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My daughter has a good income. She also has student loans.
My daughter has a good income. She also has student loans. She seems to be constantly behind on these loans. I am cosigned on 2 and she got behind. It's affecting my credit score. She took a nice vaca… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,607 satisfied customers
I live in Arizona...with my mother, and son. I am her full
I live in Arizona...with my mother, and son. I am her full time care provider. We have a quitclaim deed with her name, and then mine. Do I need to have a special survivorship deed, or wording with rig… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My daughter is behind on her student loans that I have
My daughter is behind on her student loans that I have cosigned. She has been paying them, but sometimes gets behind. They call non stop. I have not spoke with them this time around. I know I have no … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If my business has loaned another company money up, but does
If my business has loaned another company money for start up, but does not hold any stock in the company, how do I deduct that. What category would that deduction fall under fall under? Also, I live i… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This is my situation. (1) My parents bought a home in 1998
Hi, This is my situation. (1) My parents bought a home in 1998 for $130K. (2) Between 1998-2004 they spent $170K on improvements. (3) In 2004 my mom passed away and the house was valued (FMV) at $500K… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
My daughter has a good job, but not so good credit. Her
My daughter has a good job, but not so good credit. Her credit score is 607, mainly due to student loan issues. She is in sales and does a lot of driving, including winter driving. She was in an accid… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
We are parents of my daughter who will be attending San Diego
We are parents of my daughter who will be attending San Diego State this August. She has filed her income taxes along as single which probably allowed her to get a student loan since our income exceed… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
Hi Just Answer Expert My wife and I are going through separation
Hi Just Answer Expert: My wife and I are going through separation at this time and we own a house in Maricopa, AZ that we purchased in 2007 at its peak at $234,000. We reside in Southern California. T… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
My ex wife has a mortgage that is currently under a foreclosure
My ex wife has a mortgage that is currently under a foreclosure proceeding. The house is listed as a short sale also. I am not on the note as a borrower or co-borrower. I am on the deed as a co-owner … read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
My mother recently relocated to Assisted Living. I am in the
My mother recently relocated to Assisted Living. I am in the process of doing repairs to her home and converting it to rental property for income. It currently has no mortgage and I need to open an HE… read more
Milan Vaishnav
Milan Vaishnav
Consulting Technical Analyst
Bachelor's Degree
536 satisfied customers
Hi, my ex-wife and I bought our house when we were married
Hi, my ex-wife and I bought our house when we were married and both our names are XXXXX XXXXX the home loan with the bank, though she is living there and is required via the divorce decree to pay for … read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
my daughter and her ex-fiance bought a house a year ago together.
my daughter and her ex-fiance bought a house a year ago together. both of the names are XXXXX XXXXX loan. both quaulified at that time. now because the marraige is not happening they are having troubl… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I have a friend who is breaking up with her domestic partner
I have a friend who is breaking up with her domestic partner of 17 years and is concerned about losing her house. They are both on the note and title of the home. Her partners share of the equity is r… read more
Milan Vaishnav
Milan Vaishnav
Consulting Technical Analyst
Bachelor's Degree
536 satisfied customers
Would it make sense to put my adult daughters name on my non-IRA stock account.
I have been married to the same woman for 60 years but we have been separated for the past 25 years. I am 84 and she is 80 and we are both in good health. I have a lot of stock from the company where … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My daughter owns a 2 family home. I am on the title as ...
My daughter owns a 2 family home. I am on the title as well, but I am not on the loan. My daughter does not want the 2 family home anymore she is overwhelmed. My daughter wants to give it to me. My da… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x