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Financial Planning / Tax Strategies


Subject:  Re: Need help with house problem Date:  12/11/2005  8:23 PM
Author:  whyohwhyoh Number:  81874 of 127747

OP posted on other board with some additional info:

Looks like they already sold the house. At least it appears all the damage and decions are final, just some serious paperwork now.

"don't know if this is the right board or not..We owned a house and our adult kids moved in. They were to buy the house for a nominal amount and put the mortgage in their name. IT never happened. The market went sky high 6 years later & we offered them rock bottom price. At this point they said we gave them the house & they wanted all of the equity. They ended up moving, we sold the house, and gave them $40,000. cash which they want tax free. WE now are looking at capital gains since we didn't live there for 2 of last 5 years. The property was in our name and it really wasn't a rental ( maybe it was!)and it was less than a mile from our home so it wasn't a second home. It remained in our name. Do we send the kids a 1099? Any ideas how to avoid all of the capital gains? Kids not speaking to us now! We didn't feel we could quit claim it to them as they were angry with us. Any ideas? Thank-you. "

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