capital gains on 2nd home, weird situation, help!
Hello, hopefully someone can help me with this situation. My father "lent" us his name to purchase our first home, meaning that the house is under his name, but we put the down payment, make the mortgage and have done various improvements. He is in the process of selling his primary home to relocate to Florida. We are doing the same thing with this home. What would be the tax implications for him (obviously we would have to give him the money to pay those taxes) on the profit of my home? Also, when he gets the profits of the sale, he is going to have to give it to us, so how can he do that so we don't have to get taxed on our own money again? any help or direction would be welcome! thanks in advance!
You and your father have a can of worms here that needs to be resolved by a professional tax advisor.
There may be additional details or circumstances which you have not included in your post that may affect the attorney's advice. Please consult your personal advisor immediately.