My mom and I purchased a condo in 2005.
I lived with her for 4 years and moved out.
The condo is her primary residence since 2005, and my primary residence for 4 years from 2005 until 2009.
We are planning to sell the condo this year.
- 1) What will be our tax liability? Assume the condo was purchased at 100K and will be sold for 200K?
- 2) Do we need to formaly document our % ownership of the condo? My mom owns majority of the property e.g. 80%
- 3) Any other areas of consideration to better manage our capital gains tax liability?
Thanks in advance.