"bored_one" <creativecopy[at]yahoo.com> wrote:

- quote -

Wishful thinking. Impossible to determine what your gain
even is, because what you had are two GIFTS before you sold
anything to the mother. See an accountant YESTERDAY.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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In November, 2003, I put my wife on title for half of a
house I own, which at the time was valued at $700,000. In
return, my wife signed over to me half of a house that she
owned with her mother. The mother purchased my half of the
house in 2004 for $200,000. Since the half interest in the
house that I signed over to my wife is larger then the
amount I received for the half interest of the house I sold,
it would seem there is no capital gains profit to pay tax
on. Am I correct, or is it just wishful thinking on my part?

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