If you sell a property you bought as a primary residence and have lived in for 2 out of the previous 5 years you can sell it and take the 121 exemption gain tax free.   

@Hadar Orkibi very sorry I did not see this post previously or else I would have commented. 

Hey guys, ive been thinking about this a lot and if anyone has experience with parents handing down a house or taking over your parents' house mortgage please advise.Background: There are 5 people currently in this townhouse and my parents have paid close to half the value so far. ive graduated college debt free and have been working in my field for a year. ive been saving for a down-payment so i can move out into a multi family house and rent one side of it.my father and i had dinner and i threw the idea of taking over his payments so i can build up equity and he can get the house he really wants (ranch style with a pool).

Hello, I am a brand new REI and am excited to get started.I am a young guy still in college.

It is not like we went in totally blind, we had a good idea of what the cost would be based on previous projects we had done with him.

Account Closed Sorry, couldn't tag in the previous post!

I am hoping to make some passive income while at college since I am lucky enough to not have college loans to worrying about since I am on a full scholarship.

@Sarah Antonelli  personally I don’t want anything to do with the previous owner or PMs bookings.

What's even worse is I'm told that I'm likely to get audited by the Japan tax authorities because I've listed a previously cash producing asset as suddenly having a gross income of $0 for the entirety of 2017, which is seen as a major red flag.Does anyone have any recommendations for what actions I can and should take given my situation? 

From there, I have a summary page that consolidates the previous pages.