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Updated over 18 years ago, 08/28/2006
Transfer House to Sister? Capital Gains? Mortgage?
Currently, I have a TH that I lived in for 1 year two years ago and since then I have been renting it out. I definitely know if I sell it now since I have not lived in it for 2 of the last 5 years that I have to pay capital gains. So that's a given.
But can I refi and ADD my sister to the mortgage and deed. Have her live in it for 2 or more years. And then we sell it down the road.
I trying to accomplish two things. My sister can afford to leave in the townhouse and 3 year ago prices and I can escape the capital gains hit.
Does anyone have any advice on this? Any supporting websites or links is greatly appreciated as well.
Thanks,
Spoon