Need Capital Gains Tax Advice
July 13' my parents gave me a loan for my primary house because I am self employed and had a hard time getting a loan. I should be able to get a loan after tax season and buy the property. Since they are helping me out they are taking a small percent interest and selling me the house for the same price it was purchased for in 2013. Their accountant is saying they will owe thousands in capital gains. If their only gain is the "rent" payment they receive which goes to their HELOC and they make a small percentage on it, why would they have high capital gains? Is there a way to transfer this property into my name without being taxed heavily? I will be paying these taxes for them, so I am trying to figure out the best possible way to go about this transaction.