Hi,
Mother who is 78 years old is selling her California home that has been rented for 12 years. Her daughter is purchasing a home in Arizona and we want to move those funds to the new home which will be a primary residence that we plan to keep for a long time and live in. She no longer wants any property under her name but does not want to pay obviously capital gains. She has had the home for almost 40 years.
1. Do i (daughter) have to have her on title for the exchange?
2. Does it have to a non-owner occupied for 2 years (mortgage loan wise) and then we will have to refinance to owner occupied after 2 years?
3. If i take a loan our primary residence and move that funds to the new home but will not sell for a period of time can that help us in any way to get around capital gains tax and do a owner occupied home loan?
4.How should we proceed with these funds to get them moved into the new property in Arizona?
I
Mother who is 78 years old is selling her California home that has been rented for 12 years. Her daughter is purchasing a home in Arizona and we want to move those funds to the new home which will be a primary residence that we plan to keep for a long time and live in. She no longer wants any property under her name but does not want to pay obviously capital gains. She has had the home for almost 40 years.
1. Do i (daughter) have to have her on title for the exchange?
2. Does it have to a non-owner occupied for 2 years (mortgage loan wise) and then we will have to refinance to owner occupied after 2 years?
3. If i take a loan our primary residence and move that funds to the new home but will not sell for a period of time can that help us in any way to get around capital gains tax and do a owner occupied home loan?
4.How should we proceed with these funds to get them moved into the new property in Arizona?
I