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Money and Finances
Reply to "Advice Needed - Buying Someone Out"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Sell the house. Split the proceeds. Move somewhere else.[/quote] Agreed that this is the least messy solution. However who pays the capital gains tax on the house? Maybe that's why the parents want you to move in and take over the property so they don't have to fork over 50%. Be wary[/quote] This doesn't make any sense. The capital gains tax for an investment property is either 15 or 23.8%, depending on their income. The tax implications are more around GIFT tax implications. If they give the house to the kids, it creates a gift tax issue. May not result in taxes owed, but forms will have to be filed. If fiancee lives in house and owns it (is on title) then the $250,000/$500,000 exclusion would kick in when they sell. [/quote] Interesting. In VA? Our family has had 49% capital gains taxes in another state.[/quote]
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