Question about avoiding capital gains tax on home sale
Hello! I have a question about capital gains tax. I’m trying to help my mother-in-law find out if she can get around paying capital gains on the sale of her home (which has NOT been her primary residence for about 6 years now) if she moves to the country with us in the near future. My husband and I are looking to purchase an acreage soon and she’d like to go with us. If we sold her home and put her on the purchase papers of our new property with my husband, instead of my husband and I….. would this help her get around the capital gains taxing of the sale of her home. Although the home is not currently her primary residence, it is the only home she OWNS. The home she lives in now is a much smaller home that she rents, down the street.
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