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Arms Length Transaction Question
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CUSO
Level 3
04-13-2021
01:48 PM
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I have a client who is selling a house to his son. Will she be able to apply the cap gain exemption in this arms-length transaction?
Example:
Sale price: $1,000,000
Basis: $500,000
Single Tax Payor Exemption: $250,000 (because she has lived in the house for a qualifying amount of time)
Can she exclude the $250,000 from her $500,000 cap gain?
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