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Old 03-03-2016, 01:16 AM
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Complicated

Hello I have a complicated case and would like to seek for professional's advice here.

I purchased a condo from my friend in 2013 I gave him a check in person, however he didn't transfer the deed to my name until July 2015 long story (but at last he did), from 2013-2015, I paid the tax and HOA fee, legal fee for the transfer, etc.

Questions:
1) If I sell this property this year, I should be responsible for excise tax AND the capital gain tax for the difference between sold price and the purchase price(the check amount) right?

2) What kind of deductible can I claim when filing tax? Since the deed wasn't in my name until July 2015 but I paid tax from 2013-2015.

3) I have some capital loss in my stock investment can the loss be used to reduce the capital gain from selling the house?

Thank you.



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Old 03-04-2016, 05:31 PM
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I purchased a condo from my friend in 2013 I gave him a check in person, however he didn't transfer the deed to my name until July 2015 long story (but at last he did), from 2013-2015, I paid the tax and HOA fee, legal fee for the transfer, etc.===========>>I guess you need some professional help/ info on this from a real estate attorney/real estate agent; only if you?re a legal owner of the condo and pay the entire mortgage,tax then, you can claim the full amount of mortgage interest and taxes paid by you aslongas you itemize on Sch A. Without being on the title of the condo or having a written agreement that you?re an owner who is indebted for the mortgage, you cannot claim the mortgage interest /tax deduction.

Questions:
1) If I sell this property this year, I should be responsible for excise tax AND the capital gain tax for the difference between sold price and the purchase price(the check amount) right? =====>>correct;as you can see, To qualify for the $250K home sale exclusion, you must own and occupy the home as your principal residence for at least two of the five years prior to the sale.

2) What kind of deductible can I claim when filing tax? Since the deed wasn't in my name until July 2015 but I paid tax from 2013-2015.=>as said above in Question#1;

3) I have some capital loss in my stock investment can the loss be used to reduce the capital gain from selling the house?==========>unfortunately no;
Losses from the sale of personal?use property, such as your home or car, are not deductible. It is not eligible for the capital gains loss of up to $3k annually



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Old 03-07-2016, 04:36 PM
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Join Date: Mar 2016
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Thank you, Wnhough.

This condo was in the wife's name, I lent money to the husband (with receipts) and they ended up transferring this condo to me as a return.

For the capital gain tax, can I treat the money that I lent to the husband as cost to reduce the capital gain?

Thanks again!



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