capital gains

Asked by Jan, California Fri Sep 14, 2007

The house was gifted to us it is not in a trust, we have joint ownership.

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J Lo, Home Buyer, California Glory, Brentwood, CA
Fri Sep 14, 2007
Hi Jan:
Based on your previous question & today's clarification - I would have to advise a bit strongly that you contact a CPA. This is a serious tax question and all elements must be present to make a determination on where you will fall for the year you obtained this property.

It will be based on both your filing status and your brothers. There may be some special waiver - who knows - until you talk to the expert - we can only speculate.

I am not a CPA and all I really understand about capital gains waivers pertains to the sale of a house and how it affects the seller. You are a beneficiary - & there maybe some obscure law dealing with your particular situation.

There may even be something you can do to change the type of ownership. Again - get to a CPA - it will be worth your time and money.
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Pam Winterba…, Agent, Danville, VA
Fri Sep 14, 2007
Great question and a complex one at that. Please consult with your CPA to see how this factors into your particular situation.

There are quite a few things to consider when giving you an answer to this question.
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Ute Ferdig, Agent, Newcastle, CA
Fri Sep 14, 2007
Please seek the advise of a licensed tax professional. Real estate professionals cannot give legal or tax advice. Sorry.
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