(A) Daughter bought a condo in 2011 and lives in it until September, 2018. She rents it out. It currently is worth about $200k more than she paid.If she sells it today, there is no gain as it was her primary residence until 2018. She doesn't wantto sell it until next year as she likes the income. Can I buy it from her and then sell it back to her so that she can say that the sale was her primary residence so there is no cap gain tax?
(B) Our (married) residence is currently worth almost $500k more than our cost basis. Can I sell it to my son, write a 100% mortgage, pay him rent while I still live there, pay no cap-gain tax, and then repurchase it next year? This would reset the $500k clock to the new basis.
(A) Daughter bought a condo in 2011 and lives in it until September, 2018. She rents it out. It currently is worth about $200k more than she paid.If she sells it today, there is no
gain as it was her primary residence until 2018. She doesn't want to sell it until next year as she likes the income. Can I buy it from her and then sell it back to her so that she
can say that the sale was her primary residence so there is no cap gain tax?
(B) Our (married) residence is currently worth almost $500k more than our cost basis. Can I sell it to my son, write a 100% mortgage, pay him rent while I still live there, pay no
cap-gain tax, and then repurchase it next year? This would reset the $500k clock to the new basis.
(A) Daughter bought a condo in 2011 and lives in it until September, 2018. She rents it out. It currently is worth about $200k more than she paid.If she sells it today, there is no gain as it was her primary residence until 2018. She doesn't wantto sell it until next year as she likes the income. Can I buy it from her and then sell it back to her so that she can say that the sale was her primary residence so there is no cap gain tax?
(B) Our (married) residence is currently worth almost $500k more than our cost basis. Can I sell it to my son, write a 100% mortgage, pay him rent while I still live there, pay no cap-gain tax, and then repurchase it next year? This would reset the $500k clock to the new basis.
========================================= MODERATOR'S COMMENT:
Sorry everyone - I had password problems and was unable to moderate any messages for the last several days. I'm back, so please feel free to contribute.
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