Re: How do I minimize capitol gains taxes - Posted by Diane (TX)
Posted by Diane (TX) on July 15, 2003 at 20:30:00:
Your mother probably won’t have any capital gains tax. If she’s both owned and lived in the house for two of the last five years, and if the gain is less than $250K ($500K married), then her home sale gain is excluded.
It’s probably best to have her carry the mortgage. You can pay her a higher rate than she’ll be able to get anywhere else. You may not want to refi since somebody’s got to get the interest, and it might as well be Mom.