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QUESTION:
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Capital gains tax | | is there a capital gains tax on a home that is a gift |  | asked by lilbobby, 1/3/2009 |
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Categories:
Reverse Mortgage, Rollover and Withdrawals, 401k, Mortgages, Longevity Calculator
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| ANSWERS: | | Answered by: Editorial, 01/06/09
Overall Rating:   | This can be a very complicated question with many variables impacting the answer.
-- Tax laws vary by state.
-- Taxes will depend on the value of the home
-- Different laws will apply if the tax is willed or given while the parties are still alive...
-- Etc...
It would be best to consult a tax attorney with your question. Login to rate this answer: | | Answered by: Notary, 01/30/09
Overall Rating: Be the first to rate it. | A gift? Whoa. This can be a can of worms.
Did donor pay Gift Taxes if due?
IMHO your basis (value) for the home would be the value when the property was transferred to you. Verify this, please.
If there has been some appreciation, that is one issue. If not, maybe it's a loss category.
Are you occupying the home? Is it your legal home? If it's your home, any gain should not be taxed.
If it is an investment property, and IF there has been appreciation, yeah, there could be some Cap Gains. However, if it has lost value, you may have a loss.
The other person was right in suggesting a good tax attorney. I just tried to give you some heads up as to what you might encounter.
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