I lived in a condo owned by my parents for 16 years and last year they transferred the title to me. I plan to sell it but have not "owned" the condo for the 2 years required to be exempt from capital gains taxation. Is there a loophole?
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Umm not too sure. But I do know, if you sell property that is in your name, you must pay Capital Gains, if not reinvested in the next year. -
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