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#2
07-14-2004, 12:04 AM
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 Re: Interesting Capital Gains Scenario He gets the gain untaxed if he lived there for two years or more. However, he theoretically would have to pay a $5780 gift tax on the $40K he gives to you. One way to avoid it is to pay it out in installmnets over four years. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-13-2004, 11:07 PM
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| Re: Interesting Capital Gains Scenario "Anthony78" <old_wiseman[at]yahoo.com> wrote: - quote - > My father is selling me a house for $200,000. He also
No. Your father will pay any capital gains on the fair> intends to give the profits of roughly $40,000 to me. This > is not my father's primary residence. Is there any way for > capital gains tax to be avoided or transferred to me? market value of the property as well file a gift tax return for any gift of fair market value or cash. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-13-2004, 10:48 PM
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| Re: Interesting Capital Gains Scenario old_wiseman[at]yahoo.com(Anthony78) posted: - quote - > Hello group,
Just a suggestion: If you haven't "closed" on the property> My father is selling me a house for $200,000. > He also intends to give the profits of roughly > $40,000 to me. This is not my father's primary > residence. Is there any way for capital gains > tax to be avoided or transferred to me? transfer yet, why doesn't your father simply sell you the house for $160,000? That would minimize capital gains for him. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-09-2004, 05:39 PM
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| Interesting Capital Gains Scenario Hello group, My father is selling me a house for $200,000. He also intends to give the profits of roughly $40,000 to me. This is not my father's primary residence. Is there any way for capital gains tax to be avoided or transferred to me? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, gains, interesting, scenario |
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