Posted on June 10, 2011.
I bought and sold a home for my daughter using a home equity loan from my home. After Selling the home, I Put The equity into my home back (And Still we pay it). My taxes are reading That by selling this home, I Received income - it's not objective. Actually, I lost money ... Anyone have suggestions?
Lou Pickrel says...
Your taxes are NOT reading ANYTHING.You received a statement showing the PROCEEDS from selling the house.Thisis NEVER 'income'.Your 'capital gain or loss' is the difference between what you received for selling the home and what you originally paid.Take ALL your paperwork to a CPA to properly complete the tax forms properly.If you don't have paperwork from when you BOUGHT the home, the county recorder, or whoever handles deeds in your area, should have the records you need.
Posted on June 17, 2011
