Results 1 to 10 of 15

Threaded View

  1. #8
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Gains on Jointly Owned Real Estate -- Can They Be Designated to One Person

    You are correct, I am sorry. In Pennsylvania, there must be a unity of interest in joint tenancy. That's not universal (for example Connecticut allows otherwise).

    I didn't argue one house was a business, it was just a warning that if they were engaging in such a business that this would be income rather than capital gains (yes provided it's not held for longer as an investment/rental use). However, most people use "flipping" for shorter term than that.

    1. Sponsored Links
       

Similar Threads

  1. Federal Taxes: Can IRS Seize Joinly Owned Real Estate
    By Helpme1000 in forum Tax Law
    Replies: 1
    Last Post: 02-22-2014, 06:02 AM
  2. Replies: 36
    Last Post: 11-10-2013, 03:39 PM
  3. Avoiding Capital Gains Tax
    By WilmingtonProper in forum Tax Law
    Replies: 2
    Last Post: 04-13-2010, 10:10 PM
  4. Federal Taxes: Capital Gains Taxes on Sale of Property Held in a Life Estate
    By tauruz in forum Tax Law
    Replies: 1
    Last Post: 03-15-2010, 05:54 PM
  5. Capital Gains Tax on a Co-Owned House
    By Cleocatra in forum Tax Law
    Replies: 3
    Last Post: 07-12-2009, 01:04 PM
 
 
Sponsored Links

Legal Help, Information and Resources