All Forum Posts by: Jake Paul

Similar post from before...but would this legally work?

I co own a property with my brother (75/25) on title. I've been living there for 2 years now. He lives in his own primary. We want to sell and hold the funds for a bigger property 1 year from now. 

For him to avoid capital gain taxes, should we do a quitclaim deed for him to be removed from the title so I can recognize the full gains?

Pros? Cons?

Any feedback is appreciated. Thanks!

Thanks for the response. Is it fraudulent if he agrees to do it as well? We would just use those funds for our next property and I would put him as X% owner on the title. 

Sorry I am sort of new to this. Need advice!

I co own my primary residence with my brother 75/25 (On title). I’ve been living there for 2 years and he lives elsewhere at his primary residence. We want to sell the property (I’ll move back with my parents) and buy another a year from now.

If we were to sell, would he be taxed on capital gains? If so how can we avoid that? 

@Monique Pett yes he is willing to sell. We want to weigh our options on how to avoid tax for him, if possible.

My brother and I plan on selling our property that only I have been living in for 2 years (I pay him $600/mo for rent. My brother lives in his primary). On title, He owns 25% and I own 75%. 

For him to avoid capital gain tax, should he gift me the property? Or can I remove his name from the title? I would then use the funds for another property 1 year from now and add him on that title as a certain % owner.

or

Should he just pay capital gains tax on about $50k?

any advice is appreciated. Thank you!!!

Background: I bought my place in July 2020. It is my primary residence for almost 2 years, however on the title of the home my brother is listed as 25% owner. We would like to sell the property in order to upgrade to a home 8-12 months from now.

Question: If I were to sell I wouldn't be taxed on capital gains, but would my brother be taxed? If he would, is there a way we can get around that? We plan on using the full amount as a down payment on our next property. Also, how long would I have to purchase a new property before getting taxed? We would like to wait 1 year +

Background: I bought my place in July 2020. It is my primary residence for almost 2 years, however on the title of the home my brother is listed as 25% owner. We would like to sell the property in order to upgrade to a home 8-12 months from now.

Question: If I were to sell I wouldn't be taxed on capital gains, but would my brother be taxed? If he would, is there a way we can get around that? We plan on using the full amount as a down payment on our next property. Also, how long would I have to purchase a new property? We would like to wait 1 year +

Any advice is appreciated. Thank you.