Family And Capitol Gains
Are there any loopholes regarding selling within the family and capitol gains? Also if you are renting to buy does that in any way go towards the amount of time you are considered to have owned the property?
Quote:Are there any loopholes regarding selling within the family and capitol gains?A sale is still a taxable sale. A sale for less than full market value generally brings gift tax issues into play.
Quote:Also if you are renting to buy does that in any way go towards the amount of time you are considered to have owned the property?You don't own the property until your name is on the title. Occupying the property as your primary residence while you are renting to buy will count toward your two years of occupancy requirement to exclude capital gains, but you still have to actually own the property before the two year ownership clock starts.