Posted on: 26th Jan, 2010 05:23 am
due to lack of credit i used my parents name to purchase a house back in '85. now i want to sell the house without burdening them with capital gains. if they quit caim the property to me will i then be responsible for capital gains on the original amount i paid for the home AND any amount above that? THANKS,RANDY
it's a question best posed to a tax advisor, or to the irs directly.