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All Forum Posts by: Stephanie G.

Stephanie G. has started 2 posts and replied 11 times.

New Member Introductions

Post: Purchase Parents Rental

Stephanie G.Posted
  • Posts 11
  • Votes 4

Hi Daniel,

I'm not an expert so I would consult a CPA. But I don't believe your parents will owe capital gains. With this property never being their primary residence, just a rental investment property they've owned many years. When they sell it the money will be taxed like regular income (like a job paycheck). 

I usually favor straightforward and uncomplicated deals. So, I personally would buy the house the same way I normally would from anyone, pay the purchase price. I'd just want to make extra certain my parents feel like they are a getting fair price for the house.

Good luck!

Steph

1 Vote