Hi,
Me and my dad just purchased a secondary home $800,000, we are planning to re-assign to someone else and keep our existing home.
I was wondering for tax purposes, let's say we sold the property at $1,000,000.00, how does the tax work for this matter? Do I get taxed or my dad? or both?
Thank you
Me and my dad just purchased a secondary home $800,000, we are planning to re-assign to someone else and keep our existing home.
I was wondering for tax purposes, let's say we sold the property at $1,000,000.00, how does the tax work for this matter? Do I get taxed or my dad? or both?
Thank you