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carolynmartin22
Level 1
June 5, 2019
Question

My dad lived in a home for 4 years. I took over paying his mortgage for 1 year. I removed him from the title. I sold the house. Do I have to treat the house as a rental?

  • June 5, 2019
  • 1 reply
  • 8 views
I was on the title but not the loan. Can I avoid capital gains taxes since I did not collect rent and my dad lived in the house for 4 years?

    1 reply

    A
    Anonymous
    June 5, 2019

    No, if you did not rent the house, you won't treat it as a rental. Regardless of whether or not you collected rent, however, if you sold a house you owned, unless it was your primary residence for at least 24 months of the previous 5 years, any gain on the sale would be subject to capital gains taxes.

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