About 5 years ago my parents put my name jointly with theirs on
their home in the case that anything happened to them. They have
recently put the house on the market and are planning on moving
into a small townhouse and I was wondering if I will have to pay
capital gains when the house sells.
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david ingram replies:
If you considered that you really owned the house, you would have
to pay capital gains tax.
If you were only holding it in "trust" for your parents to make
them happy, you do not own the house and did not make any money
to pay tax on. I am assuming that they are keeping all the money
for themselves and you are just going to sign the papers.
Answers to this and other similar questions can be obtained free
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