Personal Finance

Tax implications if you have a parent on title

  • Last Updated:
  • Sep 16th, 2017 8:35 pm
Newbie
Feb 16, 2016
12 posts
15 upvotes

Tax implications if you have a parent on title

What are the tax implications if you have a parent on title and sell your house?
What is the impact on capital gains?
1 reply
Sr. Member
Aug 7, 2014
563 posts
243 upvotes
If the house is the principal residence of both (parent and child), there is no capital gain. If either person already has a principal residence, that person needs to report the pro rata share of capital gain upon house disposition.

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