Legal Question in Real Estate Law in California

I cosigned on a condo with my parents 6 years ago. I've been the solo primary resident since then and have paid for everything. I'm selling now for my first time for 200k more than purchase price. This falls under the 250k capital gains exemption law. Since the condo was cosigned for with my parents, will the exemption be affected and/or will I be taxed at all on the capital gain?


Asked on 12/15/15, 2:51 pm

1 Answer from Attorneys
William Christian Rodi Pollock

What do you mean by "Cosigned"? Are you on the deed? Are you just on the mortgage? How, exactly, is title held? I'm afraid more facts are necessary to provide a definitive answer. Use of the exemption generally follows the money for the sale proceeds. Your parents may be taxed on a portion, and are not residents.Thus their share would be taxable. You may be able to argue they held title solely as an acommidation or to provide financing, but much of this is fact dependent.

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Answered on 12/15/15, 5:07 pm


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