Comments on: If me and my mother buy a house together and both use it a a primary residence, can we avoid capital gains tax? http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax We Buy Houses News and Help... Tue, 22 May 2012 08:32:27 +0000 http://wordpress.org/?v=2.5.1 By: travelguruette http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4708 travelguruette Sun, 02 Nov 2008 00:06:09 +0000 http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4708 You do not get married people benefits. You get 250k each for single. I would not expect any house you get to go up by that much in 2 years anyway.<br><b>References : </b><br> You do not get married people benefits. You get 250k each for single. I would not expect any house you get to go up by that much in 2 years anyway.
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]]> By: Judy http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4707 Judy Sat, 01 Nov 2008 22:30:52 +0000 http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4707 Uh, no, you aren't a married couple. But if you each own half interest in the home, you could each exclude up to $250k of capital gain, so it amounts to the same. If your ownership isn't 50% each, you have to allocate the gain based on each person's ownership.<br><b>References : </b><br> Uh, no, you aren't a married couple. But if you each own half interest in the home, you could each exclude up to $250k of capital gain, so it amounts to the same. If your ownership isn't 50% each, you have to allocate the gain based on each person's ownership.
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]]> By: stephenweinstein http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4706 stephenweinstein Sat, 01 Nov 2008 21:23:15 +0000 http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4706 The $500,000 limitation applies only to a married couple filing jointly. For all others, the limit is $250,000 per tax return. Since you and your mother would not be filing with each other, you would EACH qualify to exclude up to $250,000, assuming that neither of you is married.<br><b>References : </b><br> The $500,000 limitation applies only to a married couple filing jointly. For all others, the limit is $250,000 per tax return. Since you and your mother would not be filing with each other, you would EACH qualify to exclude up to $250,000, assuming that neither of you is married.
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]]> By: Helen, EA in PA http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4705 Helen, EA in PA Sat, 01 Nov 2008 19:10:50 +0000 http://www.webuyhousesvideos.com/we-buy-houses/if-me-and-my-mother-buy-a-house-together-and-both-use-it-a-a-primary-residence-can-we-avoid-capital-gains-tax#comment-4705 You and mom would each qualify for 250K per person. If there was another sibling living there also, then he or she would also qualify, so you could exclude up to $750K. Helen, EA in PA<br><b>References : </b><br> You and mom would each qualify for 250K per person. If there was another sibling living there also, then he or she would also qualify, so you could exclude up to $750K.

Helen, EA in PA
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