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What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?
Wiki User
∙ 13y ago
At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return.
You do not have anything to do with the ownership of this house at this time.
If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this.
When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.
Wiki User
∙ 13y ago
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