Posted on: 06th Aug, 2010 08:37 pm
Someone told me that when we sell my Dads home that we wiil have to pay capital gains on the home being my name is also on the home. Could this be a one time inheritence that you do not get taxed? my father feels bad if I will have to pay taxes. How does this work?
Hi hoffmanrita!
Welcome to forums!
If your father and you sell off the property and gain profit from the sale proceeds, then you and your father would be liable for the capital gains tax. You cannot avoid the capital gains taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your father and you sell off the property and gain profit from the sale proceeds, then you and your father would be liable for the capital gains tax. You cannot avoid the capital gains taxes.
Feel free to ask if you've further queries.
Sussane