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Tommy Cheng
  • Real Estate Agent
  • New York, NY
13
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45
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Capital Gains Tax Question

Tommy Cheng
  • Real Estate Agent
  • New York, NY
Posted

Hi BP!

I was hoping somebody could help me answer who would pay the capital gains on my primary residence after selling.

Details:

-My name along with both my parents' names are on the deed

-I've lived in the place for 5 years, my parents have not lived there at all

-I've paid all the mortgage, taxes, insurance, utilities, etc. throughout that time

With all that information, would all the capital gains tax be my responsibility or would it be divided between the 3 on the deed? Basically, I want to be the only one responsible for the capital gains tax after the $250,000 deduction. 

Does anybody know how this works?

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