Updated over 10 years ago on . Most recent reply
taxes
My husband and I have done several homes. Buying, doing all repairs an selling. We are making minimal profits ,either giving equity to kids or supporting ourselfs during the rehab process . We claim gains on each one 10-25 thousand on our own joint tax return. should we be doing differently ? The latest one is valued 160,000. going to sell to our son 135,000 we have 110,00. into it . What would be the best way to do this minimizing our capital gain, while giving him half the gain .