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You are here: Experts > Real Estate > Real Estate by Location > Real Estate: Pennsylvania > Capital Gains Tax on Real Estate
Follow-Ups to Answer from Expert Al Romero, Ltrs.
A.D. writes on 2008-08-26 21:00:39
The answer would be to have her 'sell' it to you at, or just below, the price that you would sell it for the next week or month or so. Have her hold the mortgage (and not record it) for the full amount, you being the mortgagor and her being the mortgagee. Therefore the only money that would have to be paid would be transfer tax and minimal filing and title fees. She would, after settlement, forgive the mortgage and you would have a basis of whatever the sale price was plus closing costs. If you sold it the next month for the same price plus closing costs, you'd have zero capital gains!!!
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