Q: We are selling a home in MN. Deed to the property is listed in the name of my father and uncle. This is actually my grandfathers home. My grandfather is living with my parents. We have an offer on the house, but have just been advised that my father and uncle will have to pay capital gains tax. This is really my grandfathers money. What can we do? Who should we talk to? A tax attorney? A real estate attorney?
A: Since your main question is regarding capital gains (taxes), I suggest talking with a Tax adviser or Real Estate Attorney. Either one should be able to guide you to the proper solution (even though you more than likely will not like it). There could, in their situation, be ‘alternatives’.