Discussion:House Transfer
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Discussion Forum Index --> Tax Questions --> House Transfer
| February 5, 2007 | |
| I am in need of help. In 1994 my mother bought a home and paid $113,000 in 1997 she transfered the home to me. I never lived in the house. On 10/01/06 the house was sold for $237,000 and a 1099s was issued to me. My attorney said " The house transfer was only for convenience purposes due to my mothers poor health, and this is not a taxable sale to me." Does this make any sense to you tax professionals?
Bertha 21:04, 5 February 2007 (CST) | |
| 8 February 2007 | |
| You have a capital gain of $124,000 if your name was on the deed. | |
| February 8, 2007 | |
| I agree with your attorney. She was the beneficial owner of the home, and you were in name only. The sale is hers, and no gain since she's under the 250k. You can record the sale and cost at the same amount and avoid any tax. | |
| 8 February 2007 | |
| Equitable or Beneficial Ownership. JR is correct. | |
| 8 February 2007 | |
| Really depends on state law. The issue you are dealing with is donative intent. | |
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