Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: whyohwhyoh Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123488  
Subject: Re: Need help with house problem Date: 12/11/2005 8:23 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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. "

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Saul's Investing Discussions

Gilead Sciences CC Thoughts
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.