Re: CA Capital Gains Lived in Home 5 years but own...
Level 11
Level 11

Get your taxes done using TurboTax

@TiffanyRM , I agree with @TomD8  ----- even if you could show that you were actually paying the property tax and the mortgage and that the  house was purchased for your usage, the facts  of whom took the deduction ( behaved as the owner ) and the  purchase of the prop from your mother would make it  very hard to prove your  claim to be an equitable owner.  If you want to be eligible for  gain exclusion you have to hold off on the sale  for two years  from the date you acquired the prop from your mother. Please see a local tax professional / tax attorney  for advice  on how to accomplish your goal.  Surely they will also mention that sales between relatives , even if at FMV, are always eschewed  and  IRS will always  want to make sure that all gains are taxed  and not excluded.  I am indeed sorry

This widget could not be displayed.
Privacy Settings