Just say my parents have just bought 2 homes for residential use only.. they do-not want to rent theses homes out but live in them both (One is on one side of the state to the other but they travel between both places often) They found out just recently that they are going to get hit with capitol gain for having 2 places of residents.. Umm they really are struggling with having 2 homes but don't want to sell or get hit paying $150,000 a year capital gain.
Is it possible for them to "Gift" one of the homes to me and still live in it as I would not charge rent.. then when they want It sold I sell the property and then transfer the cash back to thier account.. Is this possible?? I have not much of an understanding with tax...
2006-08-17
20:53:26
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2 answers
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asked by
jodi_bel
2