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Assignments of the agreement Tax issue

2K views 6 replies 4 participants last post by  Just a Guy 
#1 ·
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
 
#7 ·
Yeah, I sort of messed up the answer, it probably won't be a capital gain, more income.

I also didn't mean you'd each be on the hook for the whole amount, I meant you'd jointly be on the hook for $200k total (less expenses). It probably would be 50-50, but some people have different ratios of ownership and I'm not sure how you divided up ownership.
 
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