Selling condo

[Sah963]

My uncle give me one of his condo, he put my name as the primary 4 months ago, it’s paid in fully.  I wanna sell it and use the money to buy a bigger townhouse for me and my kids.  When I sell it, do I owe any taxes or any fees?? 

[tagteam]

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@Sah963 wrote:

When I sell it, do I owe any taxes or any fees?? 

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You may owe tax on any capital gain from the sale, but that will depend upon your selling price and your basis.

It is important that you determine your uncle's basis in the condo because that will become your basis going forward and you will need that figure when you sell the property. 

I recommend you seek professional tax guidance if you are unsure about how to proceed.