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Old 11-05-2012, 11:08 AM
 
4 posts, read 10,368 times
Reputation: 10

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This is a bit tricky. My parents bought a house in 1995. In 2005, we refinanced and put my name on the mortgage and deed. My parents names are still on as well. I have been living there since. The house was not gifted or quick claimed to me. I was just added. I am planning to sell the house and am being given conflicting advice in regards to capital gains. We were told that as long as the house was sold under my name and SS#, that we would not have to pay as I have been the one living there and paying the mortgage. However we were also told that since my father was the original purchaser of the house, that he is the one who should sell, not me, and therefore he would be liable for the gains as he doesn't live there. Can anyone help.. I don't want my father to end up with a hefty capital gains tax, but we really need to sell the house. thanks so much!!
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Old 11-05-2012, 11:42 AM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,771,454 times
Reputation: 17831
Might want to put this on the real estate forum.
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Old 11-05-2012, 12:07 PM
 
4 posts, read 10,368 times
Reputation: 10
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Ok, Thanks.. I am new to this..
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Old 11-05-2012, 05:21 PM
 
Location: In a house!
193 posts, read 309,933 times
Reputation: 80
Quote:
Originally Posted by Jeniv View Post
This is a bit tricky. My parents bought a house in 1995. In 2005, we refinanced and put my name on the mortgage and deed. My parents names are still on as well. I have been living there since. The house was not gifted or quick claimed to me. I was just added. I am planning to sell the house and am being given conflicting advice in regards to capital gains. We were told that as long as the house was sold under my name and SS#, that we would not have to pay as I have been the one living there and paying the mortgage. However we were also told that since my father was the original purchaser of the house, that he is the one who should sell, not me, and therefore he would be liable for the gains as he doesn't live there. Can anyone help.. I don't want my father to end up with a hefty capital gains tax, but we really need to sell the house. thanks so much!!

Good luck with that, I think you will get bit by the taxman... They always find a way to sock it to you.
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