Q:Dear All,
This is my first post so please bear with me. Also, I'm not sure whether or not this should be in the Tax section.
Due to health reasons my mother is selling the family home and downsizing to something smaller. I have agreed to buy her old house for a fair market value but will only be able to transfer funds when I sell my own house. I should mention at this point that my mother has already bought and paid for her new place.
My concern is that it could take a long time to sell my house (in current climate). Would there be capital gains tax implications due to one of us having two houses at the same time ? Does anybody know if there are any concessions that allow a relative to take a certain length of time in order to pay for a property that is moving within the family ?
Hope I've made myself clear – any advice appreciated !!!
tags: downsizing, health reasons
posted in mortgage by admin
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