Hi, One of the joint owners(A and B) owned the property for last 10 years. Property has a net gain of 500K as being used as primary residence for two years in last 5 years by both. Owner A decided to sell the property to B and take 210K as a cash payment from B and the remaining balance of his share as a Note at 5% interest rate. Question is under escrow closing what all tax docs need to be obtained so that A can claim a tax free 250K gain on 2009 tax returns. Or will A be not able to claim 250K gain and if not how much(only 210K)?
- posted
14 years ago