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Can a single parent and child jointly own a home to avoid capital gain taxes?
Wiki User
∙ 15y ago
You should consult an attorney. My experience would indicate that until the child reaches the age of majority, the child can do nothing more than complicate your title. Answer Where are you from? Just because i am unsure how titles on a home could ever change having to pay capital gains tax.... In Australia each person has a "main residence" home which no capital gains tax would be paid if it was sold for a profit. If they owned more than one house then the others would be subject to capital gains.
Primary residences are basically exempt from tax on gain at sale...agreeably with considerations like replacement within 2 years and age of seller and having taken a 1 time break before.
And even without that, why you thing having 2, or 20 names on the title would change the amount of tax due 9it wouldn't, just how many people are responsible for it), I don't follow.
Wiki User
∙ 15y ago
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