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Financial Planning / Tax Strategies
|Subject: Re: Sale of second home||Date: 9/27/2000 1:31 AM|
|Author: TMFExRO||Number: 40347 of 122042|
My wife owns half of a mother-daughter with her sister.
Rental property isn't my strongest suit, but since I'm dying to know, and the information might help someone who could give you good information, what in the world is a mother-daughter? I'm sure it's some sort of real estate, but for me it just conjures up images of slavery when you say you own one.
In general you can only exlude gain on the sale of your principal residence, and then only if you've both owned and lived in it for 2 of the 5 years immediately preceding the sale. There's an article in the FAQ.
When one sells rental property it's possible to defer the gain by doing a section 1031 exchange, but without knowing the nature of this property and the nature of your in-laws' occupancy, I don't know whether that would be possible.
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