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by mommyjo on July 10th, 2008

mommyjo

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I've lived in my home for 5 1/2 years. Due to some problems with the old mortgage group, we had to sell the home to my parents a year ago. If we bought the house from my parents now would I have to pay capital gains? I really need this house in my name.

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Answers. 1 helpful answer below.

  • by Yarnlady is happy every day on September 8th, 2008

    Yarnlady is happy every day

    Capital gains are paid by the seller, not the buyer, and they are paid on the profits of the sale. If the sale is for the same amount as they originally paid you, they would have no profit, and no taxes.

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You're reading I've lived in my home for 5 1/2 years. Due to some problems with the old mortgage group, we had to sell the home to my parents a year ago. If we bought the house from my parents now would I have to pay capital gains? I really need this house in my name.

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