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#1
09-22-2005, 03:30 AM
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 Re: Capital Gain Exclusion "gregfocker[at]earthlink.net" <gregfocker[at]earthlink.net> wrote: - quote - > My wife and I lived in a home owned by parents from Jan. 95
That would probably work although I don't know why they'd> to Sept 03. In Sept. 02, they added both of our names to the > title, so that all four of us currently own the home > jointly. > We want to sell the home. If my parents transfer their 50% > ownership to me and my wife prior to selling, would that be > sufficient to make 100% of the gain from sale taxable to my > wife and I (for which we could exclude up to $500,000)? want to make a taxable gift of that amount. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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09-22-2005, 03:11 AM
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| Re: Capital Gain Exclusion The law says that you should have owned the property for two years out the last 5 years. It appears that you did not own it for 2 years. <gregfocker[at]earthlink.net> wrote: - quote - > My wife and I lived in a home owned by parents from Jan. 95
The law says that you should have owned the property for two> to Sept 03. In Sept. 02, they added both of our names to the > title, so that all four of us currently own the home > jointly. > We want to sell the home. If my parents transfer their 50% > ownership to me and my wife prior to selling, would that be > sufficient to make 100% of the gain from sale taxable to my > wife and I (for which we could exclude up to $500,000)? > Or are my parents liable for 50% of the gain regardless of > what we do? years out the last 5 years. It appears that you did not own it for 2 years. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
09-21-2005, 05:54 AM
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| Capital Gain Exclusion My wife and I lived in a home owned by parents from Jan. 95 to Sept 03. In Sept. 02, they added both of our names to the title, so that all four of us currently own the home jointly. We want to sell the home. If my parents transfer their 50% ownership to me and my wife prior to selling, would that be sufficient to make 100% of the gain from sale taxable to my wife and I (for which we could exclude up to $500,000)? Or are my parents liable for 50% of the gain regardless of what we do? Thanks for any input. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| capital, exclusion, gain |
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