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Financial Planning / Tax Strategies
|Subject: Re: Taxes on Sale of Property||Date: 3/27/2000 9:30 PM|
|Author: TMFExRO||Number: 32735 of 122333|
<< Approximately 5 yrs ago my father transferred ownership of his home to my brother and I. He is elderly and not in good health and we anticipate that he may have to leave the residence at some point in the near future due to his health, at which time the property would more than likely be sold. Can anyone advise what the tax implications of the sale would be, whether taxes can be avoided, etc. >>
Short answer: When you sell the property the difference between your net sale price and your father's basis will be a long-term capital gain to you and your brother.
Long answer: So much depends on information you haven't provided, e.g. value of the house, total assets, and long-term care insurance for starters. I would suggest you sit down with a lwayer who specializes in issues of the elderly, who can call in tax assistance if necessary.
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