Posted by Tom-FL on November 28, 2004 at 24:02:48:
Why wouldn’t it be? Did you lose money on it?
Cashing out Family - Posted by gene CA
Posted by gene CA on November 22, 2004 at 14:49:15:
I bought forclosure with my folks a couple years ago and have rented it ever sence. Both of our names are on the deed. My folks just retired and sold thier house, they want to buy me out of it so and make it thier primary residence. We figure we will get an apprasail and they will cash me out. I will be getting a good amount of money because the area has experienced a great deal of appreciation.
My question is…Will this be a taxable transaction??