Posted on: 08th Aug, 2010 02:56 pm
What is the best way to pay the least amount of taxes in the sale of a home that my Mom intends on giving to me worth $150000. We intend on selling the property immediately. We naturally want to pay the very minimum amount for both parties. Tnks
Welcome dleonmiller,
If your mother sells off the property, she would be responsible for paying capital gains taxes depending upon the profit she makes on it. However, if there is no profit from the property sale, then she won't be liable for paying any taxes. Your mother and you can contact a tax adviser and get to know how you may save money and pay less taxes.
If your mother sells off the property, she would be responsible for paying capital gains taxes depending upon the profit she makes on it. However, if there is no profit from the property sale, then she won't be liable for paying any taxes. Your mother and you can contact a tax adviser and get to know how you may save money and pay less taxes.
Thanks for taking the time to lead me the right way my friend...dlm