Agent Replies for:
i have a home for sale,, my father passed away and i bought the home for 1 dollar.. when i sell my home i want to apply the money to my fist home am i able to do this with out paying any taxes..
Gary, we strongly recommend you consult with a tax expert on this topic. Typically you would have to used the house as your primary residence 2 out of the past 5 years to avoid capital gains tax. It may have been beneficial to have taken ownership through a will as your base would have been much higher lowering your capital gains tax in the future. You may want to look into a 1031 exchanges, when you decide to dispose of the property.
09/18/2009
answered by
Robert