All Forum Posts by: James Hamre

@Michael Plaks

That's great advice, thanks! I appreciate all the input everyone!

Thank you!  So If I were to be added to the loan, then sell shortly after that, would that be something that would bring the 121 exclusion back into play or would I need to be on the loan for certain amount of time?  Really appreciate the responses, its very helpful. Thank you!

Thank you for the reply!  He is the owner of the home and it has never been his primary residence.   That would make the section 121 exclusion irrelevant correct?  Thanks again!  

Hello all,

I'm brand new here and brand new to the investment world.  I've been reading through here a lot and learning as much as I can before I jump in.  My question is not necessarily investment related but I'm still hoping someone can help.  

Due to the fact I was unable to get approved for a loan when I purchased my current residence, my father received the loan for me with an agreement that I make all payments and once we sold I would still get the profits.  So my question is how do we transfer the money to me without him being hit with a big tax bill?  Something we did not think about when we made this agreement.