Profile picture for bobbiehorne

can i turn over my property to my daughter for her to sell,will i have to pay taxes on the sale

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March 06 - US
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Profile picture for wetdawgs
If you have capitals gains in your home and it has been your primary residence, you may be responsible for capital gains. If you've used the property as your primary residence for at least two of the last five years, then you may be eligible for the exclusion of $250k single/$500k married (both living in the house).    If you give the property to your daughter, you may be responsible for gift taxes in addition.   Therefore, please meet with a tax accountant to review the possible scenarios so you do this with the least possible taxes for both you and your daughter.

 
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