Tuesday, August 9, 2011
What are the implications if my Aunt puts me on her deed of house, will she pay capitol gains tax if she sells?
My Aunt thought it would be beneficial if I was placed on the title of her house to protect it from being taken in the event if she had any ailments in the future, even though the house is owned outright, no lean. She may also sell it in a few years, the problem is she lives in FL and I live in DC/VA area. If she decided to sell the home a few years down the road and I'm also on the title, wouldn't she have to pay capitol gains on the house even though it's her primary home - because I'm on the title? Any other pros/ cons?
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