My father bought a house 3 years ago when I bought a 2 year house. Renovating in our spare time, he finished around a $20k profit ahead of my schedule. He sold, and is now moving into my home, which I have been recently renovating from a 3Bdrm/1,5bath to a 4bdrm/2.5 bath. The new room is a 16x16 space: 9.5x15master bedroom w/ bath and walk-in closet. Kitchen storage is limited, I would cannibalize my "nook" area for his bonus refrigerator space if it meant less tax payment...
Is there any way to declare split ownership on the property? When hidden income taxes should I read up on? What "reinvestment" laws come into play for selling property?
Submitted August 02, 2016 at 12:21PM by Archaris http://ift.tt/2aLDHg6 personalfinance
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