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by CareyBot

DEAR BOB: About 10 years ago, my parents gave me a gift deed to their house for which they paid about $57,000 many years earlier. Today, it is worth around $275,000. They continued living in it ever since. Now they want me to sell it so they can use the money to move to Florida and buy a small house. I've been paying the property taxes and repairs on the house all these years, and it doesn't seem fair that I should have to sell the house. Would I owe any tax on this sale? --David R. DEAR DAVID: Yes. Your situation is another bad example of why it usually is not smart for parents to gift real estate to their adult children. Purchase Bob Bruss reports online. Frankly, I am surprised that after letting your parents live in the house they gave you and paying its expenses, they want you to sel...