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Updated over 8 years ago,

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2
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0
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Jada P.
  • Boston, MA
0
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2
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Do my cosigners owe cap gains tax when I sell?

Jada P.
  • Boston, MA
Posted

I bought my first (and only) condo 4 years ago for ~$300k, and my parents cosigned the loan (and are on the title). Having lived in this condo for the last 4 years, I am sure that I wouldn't owe tax on the sale (now the condo is worth >$400k). But what about my parents? Or is it possible to remove them from the loan/title before selling (probably will sell in the next ~2 years)? I could imagine refinancing and replacing my parents with my husband, but then I think they would owe tax anyways since we would have to sell it at the current value, right? Please let me know if you have any suggestions or experience. Thanks!