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House Is Not A Home |
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Dear Edith Lank, I wanted to know if I needed to pay capital gains tax on a house bought by myself and my brother. Both names on mortgage and title. My brother and his wife are moving and they have lived there for more than two of the last five years. She is not on mortgage or title. I have not lived there.
He says he is tax free on his profit but I need to pay taxes on my profit. Is this true? |
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Yes, it is.
Your brother and his wife meet the requirements for the homesellers tax exclusion. You do not qualify because the house is not your home.
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Edith
Originally published on December 6, 2006 |
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