My husband and his sister inherited their dads house which had a reverse mo
My husband and his sister inherited their dads house which had a reverse mo
My husband and his sister inherited their dads house which had a reverse mortgage. My husband had to take a loan against our home to save it from foreclosure. His sibling took a cash payment now we need to get deed out of his fathers name and she needs to sign off. My question is how will that effect both my husband and sister in law with capitol gains and losses. It will not be worth it for us if he only gets 145000 exemption when we sell. will we have to pay capitol gains if we sell the house for 292000 and are only inheriting half of that. should they both go on the new deed for tax purposes. we are only planning on keeping the house for another year and half
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If your husband sells off the property for a profit, then he will be liable for paying capital gains tax on that amount. Your husband and his sister may both go on the new deed for tax purpose. It will also be a very good option if your husband can have a word with a real estate attorney and a tax adviser in this matter.