Quote:
Originally Posted by Bobblehead
If you bought the condo then it is your gain (or if you and your wife both put in money, you can split it). It sounds as if your mother is a non-factor in this; she didn't buy it, you did.
As for income vs cap gain, I would expect this to be a gain unless you have flipped another property recently.
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My wife and I
can split it, or
must split it?
If the whole gain can go in her tax bracket, woohoo!