Author Topic: Capital Gains?  (Read 798 times)

JDsNova

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Capital Gains?
« on: November 09, 2019, 02:34:50 PM »
So quick background, I helped purchase a home for my parents approx 4 years ago because they had gone through BK and couldnít do it with their credit.  Their name is on the deed but not on the mortgage.  They used their money, and my credit, so itís technically my house and they rent it from me.  Iíve never lived there.

If we were to sell, and they take the equity and buy another home on their own (without my help) what would be the tax repercussions on my end?

With all that said, and assuming Iíd take a tax hit, is there a way to ďdeedĒ the house and loan over to them to takeover?
Thanks!


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« Last Edit: November 09, 2019, 04:24:30 PM by JDsNova »