0

Let's say a father buys a moderately decent house for his daughter to live in for college. 4 years later he sells for a profit. Would capital gains taxes come into play given that the house is his daughters primary residence, but not his?

3

Would capital gains taxes come into play given that the house is his daughters primary residence, but not his?

Yes. He sold something that was his property, i.e., his [long term] asset. The fact that it was not his primary residence is irrelevant in this regard.

The issue of primary vs. non-primary residence might be relevant only for purposes of computing the applicable credits and/or deductions, but that is very jurisdiction-specific.

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.