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Author: OctoberDaisy Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Capital Gains Tax/Selling a Home Date: 10/22/2005 2:26 PM
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Phil, thanks for the response because a huge 100-watt lightbulb went off in my head as I was reading it. Here I am thinking that this all will take place at the time we sell our home and purchase a new one. Well I realize now that OF COURSE it won't! We need to reconcile with the IRS, not the lender or agents. That will happen at tax time. Whoa, duh...LOL!

With regard to the gift tax -- my MIL did so much work to the house prior to her selling it to us that a lot of the tax was offset by her improvements (and yes, I know she's the best MIL!).

Thanks for the input (and clarification!).

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-@- Daisy
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