Is it possible to do a tax base exchange after the fact for a retired couple who own only a portion of the residence? For example: a couple buys a house for ~792k along with the wife's parents who own an 18% stake and plan on living there til they die. Also, the grandparents are from out of state and they sold there home for lets say 300. Could they do that and how would it work?
2006-12-26 13:17:34 · 2 answers · asked by AK-47 2 in Business & Finance ➔ Taxes ➔ United States
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2006-12-27 09:01:05 · answer #1 · answered by having fun in life 1 · 0⤊ 0⤋
Will not qualify as only business or rental property can be "exchanged" w/o tax. This is a personal residence. And if it has already been sold it is too late for any exchange. It has to be specially set up BEFORE the sale.
2006-12-26 13:31:20 · answer #2 · answered by Ellie 2 · 0⤊ 0⤋