Legal Question in Real Estate Law in New York
Capital Gains
2 single persons own a residential property - paid for. It is going to be sold. One person's income is considerably more than the other. For capital gains or income tax reasons, would it benefit them to place the property only in the name of the person who has the lesser income before it is sold?
Thank you.
1 Answer from Attorneys
Re: Capital Gains
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You would halve the capital gains exemption available if there are two owners.
This assumes you have used the premises as your principal resident for the required period of time.
Consult an accountant.
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