ANSWERS: 1
  • THERE ARE MANY THINGS YOU CAN DO TO AVOID PAYING TAXES ON THE SALE OF THE HOUSE...1031EXCHANGE IS ONE POPULAR WAY TO PUT THE PROCEEDS OF THE MONEY INTO ANOTHER PURCHASE OF A HOME.... QUITCLAIM COULD HAVE BEEN THE WRONG WAY TO GET TITLE TO THE HOUSE , A "GRANT DEED" OR SPECIAL WARANTY DEED WOULD HAVE BEEN BETTER,CONSULT WITH THE TITLE COMPANY THAT YOU MAY USED TO SELL IF THERE IS NO PROBLEMS WITH THE QUITCLAIM IF YOU ARE PLANNING TO USED THE FUNDS OF THE SALE RIGHT THE WAY AFTER THE SALE OF THE HOME KEEP TRACK OF ALL YOUR EXPENSES,IE: COMMISIONS PAID,PROPERT TAXES PAID,ANY REPAIRS,AS THESE WILL HELP YOU AVOID YOUR CAPITAL GAIN, nOT A TAX PERSON BUT I THINK IT WOULD BE WORTH SPENDING 100.0 TO CONSULT A CERT PUBLIC ACCOUNTANT SPECIALICING IN REAL ESTATE TRANSACTIONS. GOOD LUCK AND SORRY FOR YOUR LOST

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