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Old 08-31-2009, 07:15 PM
 
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I am selling my family estate home (Used presently as rental property) to my daughter. Is there any capital gains tax exemptions/reductions for that?
Also, If we take the cap gain money and paid off our personal home mortgage would it be exempt from tax?
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Old 09-04-2009, 06:45 PM
 
Location: Springfield
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Off the top of my head without looking on the IRS website, I think there is a time limit and a cap for the property. For example, if you have owned the property for 24+ months, and your profits from the sale were $500k or less it's not taxed.

Keep digging you will find something
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Old 09-05-2009, 09:27 AM
 
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24 months personal residency out of last five years of ownership will qualify the property for capital gains exclusion.
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