About ten years ago my wife and I bought a house. My credit wasn't great, so my parents actually put the mortgage in their name. Once we purchased the house, my name was added to the deed. We did this so we could have lower taxes, as it was our primary residence, and wouldn't be for my parents. All my info obviously shows this as my primary residence for some years now. My kids have grown up and moved out, now we are looking to downsize. The mortgage is about half paid off at this point. My concern is, if we sell this house, I don't want to get stuck paying capital gains, especially since it is our primary residence. The other problem, I don't think my parents can be removed from the deed, until the mortgage is paid off. That is at least what I am assuming. I worry that if we do sell it, it will be assumed that the proceeds will be split, since it has three owners on the deed, and maybe I wouldn't have to pay capital gains, but the assumed other portion would.
