All Forum Posts by: Jerry Ma

Hi, new to BiggerPockets and was not sure where to post this. I am trying to sell a house for my parents in New Jersey who are not citizens of the United States. I am the durable power of attorney and am a citizen. This is a primary residence. 

My parents are concerned regarding the taxes they will pay on capital gains. They heard from a friend that it is possibly up to 50%.  I spoke with the realtor and was told that there was a 500k tax exemption for capital gains if the house is sold by a married couple, but this sounds almost too good to be true. I am not sure. May parents were also wondering if would be more beneficial to transfer it into my name and then sell it. 

 I am not in real estate or any field related to it and feel a little overwhelmed and am not sure who to talk to about these questions. I am not too sure about the rules of the forum, if this is an inappropriate questions, can someone direct me to who I should talk to about this?

Thanks So Much!