QUESTION
Do I pay capital gains taxes on a home I bought for my special needs son when I sell it?
Asked on Jun 23rd, 2021 on Taxation - Ohio
More details to this question:
I live in Michigan. I bought a house in 2018 for my son who has special medical and psychological needs so he would have a place to live. The house is in Ohio. I paid $76,000. The home is now worth about $105,000. I need to sell the house sometime in the coming year so that he can move in with me. What kind of taxes will I owe?
1 ANSWER
Asset Protection and Medicaid Planning Attorney serving Cuyahoga Falls, OH
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I suggest you sit down with a tax professional to figure this out. There may be deductions and credits you can utilize to minimize any capital gains taxes you pay. It's going to be too complex for a simple answer on this forum.
Best of luck.
Answered on Jun 23rd, 2021 at 6:37 AM