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Tax, SDIRAs & Cost Segregation

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73
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Damien Clark
  • Investor
  • Severna Park, MD
5
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73
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Tax issue!

Damien Clark
  • Investor
  • Severna Park, MD
Posted Apr 25 2014, 05:08

I had to purchase my primary residence with my parents credit, at the time I couldn't get approved. While I know it does not matter I paid all the closing cost, down payment, taxes and mortgage payments each month. We purchased the home in 8/2011. My wife and I are ready to sell the home and purchase a new home. We are being told that if we sell my parents will have to pay capital gains taxes (I would pay) This would really hinder our ability to purchase our next home because we need the equity for the down payment. Is there anything I can do to fix this? Could my parents refi with me on the new loan and add me to the deed? We stay in the home for two more years and be ok? Any other ideas?

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