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Old 01-13-2017, 11:50 AM
 
23 posts, read 59,020 times
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I will be checking with my CPA, but it is the long weekend.. I thought some may know...
Does anyone have the direct experience of the tax consequences of changing to home ownership from a husband and wife to only the husband...
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Old 01-13-2017, 01:36 PM
 
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None for property taxes if that is what you are asking
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Old 01-13-2017, 02:20 PM
 
23 posts, read 59,020 times
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thanks. I am interested to know about income tax, say will it be considered as a sale and a buy, in this case, the husband who has 1/2 ownership on paper will now have 100% ownership..or does the husband have the report a sale and pay any additional tax?
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Old 01-13-2017, 02:50 PM
 
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Forget advice on the internet if you're talking to your CPA anyway, they'll have the best advice for your situation.
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Old 01-13-2017, 10:17 PM
 
23 posts, read 59,020 times
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Given the long weekend, my CPA has not gotten back to me. On the other hand, he has occasionally given me the wrong answer, no one is perfect...It does not hurt to know before getting an answer from him.

I would assume someone would have transferred home ownership to family members before, I am not asking for advice, but actual experience...
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Old 01-16-2017, 09:38 AM
 
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What you are talking about happens every day.
Because of divorce or death of a spouse.

The person's name on the final deed has the tax consequences.
And whether that person files a tax return as "single" or "married'

And if the final deed is changed to one person, then the house's capital gains exemption is 250K and not 500K for married.
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