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Updated over 5 years ago,
Help! Selling house Dad bought us.
So over two years ago me and my wife decided to buy a house in Idaho. Found a house, made an offer but my credit didn’t show up so wasn’t able to get the lone in time when we needed it. My Dad stepped in and bought the house with a conventional loan so we wouldn’t miss out on the house.
We have an agreement that within five years we would buy back the house from him for the original price or sell it and keep any capital.
Well now our house has 70k in capital and we want to sell and invest that money in a new house.
My question is, how does my dad sell the house and not have to pay the capital gains tax on the money that will be ours.
Because I have paid all the bills for two years and sent my dad the “rent” that just covers the Morgage, can he put me on the title and then sell it as my primary residence somehow.