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Subject:  Need help with house problem Date:  12/10/2005  8:34 PM
Author:  virvid Number:  81860 of 127613

Probably asking after the fact. WE owned a house we used to live in. Adult son & wife moved in and were to buy the house within year. They were making the mortgage payment. They never did put the house in their name. After 6 years, values went up on real estate. We decided we needed to sell the house & get some $$ ready for retirement. They then claimed we GAVE the house to them ( we didn't). Since it had been 6 years, we are in line to pay capital gains now. Plus, they were demanding $90K to leave the property. We settled on $40,000. We never did depreciate the property and they took the deduction each year. We refinanced so their payment was much less than rent would have been. They are wanting their portion of the payout to be tax-free. It's just a big mess and adult children are not speaking to us at this point. WE have 6 other children and we don't just go around giving away houses. Any ideas from anyone on how to reduce the capital gains on this property which has always been in our name? Thanks.
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