My Mom bought a house for $150K 17 years ago. About 10 years ago she added me (her son) as a co-owner. I have never lived in the house as a co-tenant or taken rental income. I have shared maintenance expenses. Now my mom wants to sell the house and expects it to sell for $225K with a mortgage balance of about $100K so "we" will be paid about $55K each after fees. My 'share' will be given to my mother. I plan to sell my own home in the next year or so and at that time will want to take advantage of the capital gains exemption on sale of home. So - on my mothers home - do I need to pay capital gains tax? What is my basis since I never invested in the house? Can I re-assign the title 100% back to her before selling to avoid any tax?
