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21 views and no responses yet????? awww man.

and also.... yes technically and legally, im "MOOT" from the contract, but my mom is simply a name and credit person. she takes no part in the project nor profits. everything gained or loss is all transferred to me and my partner and that includes any capital gain taxes.

help :D

thanks for responding all cash. legally and technically i dont own it. i think the word is strawman? im not sure. i bought the project, funded to project and so on. i had no credit in 04 (19 at the time) and my partner had little built up credit, the seller/lender agreed to sell only if i provided someone with credit. im waiting to sell summer of 06 because of the two year mark for capital gains.

am i interpreting the capital gains all wrong?

hi stlinvestor. i come across at least three to five working professionals per week asking for rental property. where is your building located? what are the lease terms? this time of year, a lot of people are relocating and st. louis is one of the spots.

hello everyone! im newbie and learning so much. everyone here is great with the sharing of knowledge. i hope to contribute some in the near future.

i am 21 and purchased my first property at 19[strawman]. i orchestrated the deal and quit claimed the property to my mom and partner [the person i bought it from got it from the sheriff's sale]. i got the property for $29,500 in 2004 and properties on the block are now selling above $98K. The property I bought was a distressed property on a redeveloping block, but anyways, my question is this::: My partner and I finally finished renovating and plan to flip it in summer 2006.

1. What's the capital gains situation looking like for me? My mother owns a home and continues to live in it 5+ years. My partner does not own a home.

2. Should I quitclaim the property from my mom & partner into an LLC to avoid whatever is to come in the future?

i should probably advise an accountant but i want insight from the pros first. thank you in advance for those who responds :D

hello everyone! im newbie and learning so much. everyone here is great with the sharing of knowledge. i hope to contribute some in the near future.

i am 21 and purchased my first property at 19. i quit claimed the property to my mom and partner [the person i bought it from got it from the sheriff's sale]. the property was a great deal in 2004, $30K and properties on the block are now selling above $95K. The property I bought was a distressed property on a redeveloping block, but anyways, my question is this::: My partner and I finally finished renovating and plan to flip it in summer 2006.

1. What's the capital gains situation looking like for me? My mother owns a home and continues to live in it 5+ years. My partner does not own a home.

2. Should I quitclaim the property from my mom & partner into an LLC to avoid whatever is to come in the future?

i should probably advise an accountant but i want insight from the pros first. thank you in advance for those who responds
:D