by Anonymous on January 12th, 2007

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My husband and I sold or transferred the mortgage and deed of our house to my mother -in -law to save the house from being foreclosed. We are still living in the same house, it's just under my mother-in-laws name. Do we have to pay capital gains?

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by Anonymous on January 15th, 2007
Thanks for your reply. We did get more money to cover for the indebtedness and pre-payment penalty fees, taxes, etc and a little cash left. Do we have to pay for the full difference of the amount it was sold for?
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by blessings on January 12th, 2007
That depends.

The only way to stop foreclosure in this instance would be for the mother-in-law to satisfy the outstanding indebtedness, plus fees. And assuming that she was willing to do this not just to help you out, but because it was still below appraised value, then there are no capital gains.

Capital gains come about because you receive MORE for a property than you have invested in it, including improvements.

Perhaps you could reply with more specifics.
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My husband and I sold or transferred the mortgage and deed of our house to my mother -in -law to save the house from being foreclosed. We are still living in the same house, it's just under my mother-in-laws name. Do we have to pay capital gains?

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My husband and I sold or transferred the mortgage and deed of our house to my mother -in -law to save the house from being foreclosed. We are still living in the same house, it's just under my mother-in-laws name. Do we have to pay capital gains?

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