Navigating capital gains tax on the sale of an investment property can be complicated. Consult a tax professional to fully understand your options and their consequences. Q: We bought a rental property (it’s a condo) in 2005 for $80,000. We rented it out until 2016. Our daughter moved into this condo last year after she [...]
As you get older, in order to protect your property, you may want to transfer property titles to your children's names. When you transfer title to property before you die you may see your children fight about the property and whether to sell it. If your children feel one of their siblings is getting a free ride or cheating, the property situation could get ugly. To sell the property your children may have to involve a real estate attorney who can help with a partition lawsuit or enable swapping property.