Legal Question in Real Estate Law in Massachusetts
My husband and I bought a house two yrs. ago. However, because of my credit, my name is on the title, but not the mortgage. If we sell the house, am I able to get half the profits?? What legal rights do I have , if any ??
Asked on 8/27/17, 1:33 pm
1 Answer from Attorneys
If your name is on the deed, then you are entitled to half the net proceeds, not just the profit. Assuming this has been your principal residence, then each of you are entitled to exclude up to $250,000 in capital gain from being federally taxed. MA does not have a capital gains tax on long term capital gains.
Answered on 8/27/17, 6:20 pm
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