0
If our 25 yr old daughter is on the title to a home we don't live in can we sell in her name and avoid capital gains?
Wiki User
∙ 8y ago
No. Also, the person buying should require you to be on & sign the deed as Grantor; otherwise, they are only buying her share. However, you could gift your share to your daughter & thus avoid capital gains tax. This might affect your lifetime exemption amount, so see an estate planning attorney for that.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Does capital gains tax apply if parent adds children to title of property?
Assuming the children did not pay for the property (whether in cash, goods, services, assumption of debt), capital gains tax does not apply. Gift tax may apply. However, when the property is sold, the children may owe a capital gains tax.
Can a single parent and child jointly own a home to avoid capital gain taxes?
You should consult an attorney. My experience would indicate that until the child reaches the age of majority, the child can do nothing more than complicate your title. Answer Where are you from? Just because i am unsure how titles on a home could ever change having to pay capital gains tax.... In Australia each person has a "main residence" home which no capital gains tax would be paid if it was sold for a profit. If they owned more than one house then the others would be subject to capital gains. Primary residences are basically exempt from tax on gain at sale...agreeably with considerations like replacement within 2 years and age of seller and having taken a 1 time break before. And even without that, why you thing having 2, or 20 names on the title would change the amount of tax due 9it wouldn't, just how many people are responsible for it), I don't follow.
What word does liabilities often have in their account title?
Capital
You inherited a house and sold it what is the tax?
I'm not an attorney, and you should get professional advice. But from my reading, you might owe a capital gains tax on any increased value of the house from the time of its purchase by the person from whom you inherited it. This would be true if you got the house through a Will. However, if that person created a trust and put the title of the house in the name of the trust, you do not owe capital gains tax on any past increase in value.
What title does a prince's daughter have?
Princess.
What is the title for a daughter of a king of Spain?
infanta
What is the motto of Capital School District?
The motto of Capital School District is '|title = Capital School District Website'.
How do you avoid your wife being on a title of a house?
she would have to sign a form at the title agency.
What is the drug capital of Canada?
BC is the capital for provinces, and as for cities, Vancouver holds that title.
Can expenditure incurred for defence of title of a capital asset be treated as capital expenditure?
Introduction expenditures
Who receives the title of princess royal?
Traditionally, the monarch's firstborn daughter receives the title of Princess Royal.
What title did Queen Hippolyta's daughter Diana have?
"Princess" Diana
