Posted on: 24th Mar, 2010 04:24 pm
my mother transferred her home under a quit deed to all three of her children in 2001 after my dad's passing. mom had to go into assisted living in october and my husband and i moved into her home. we are going to live in the home doing home improvements and going through forty years of my family living there. we will stay the required two of the five years before selling the home. the proceeds will go into a trust to help my mom with her living expenses (her income is very limited). the question becomes will my two other siblings have to pay capital gains tax once we sell since they are not living there with us; or are we satisfying the law by us being in the home for at least the two years? the commute for my husband is very long with us living in her home but we are willing to make the sacrifice to give her what she deserves. thanks and this is a wonderful forum!
Welcome juju,
Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/avoid-capitalgains.html
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/quitclaim/avoid-capitalgains.html
Take a look at it. Hope it helps you.