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by CareyBot

Editor's note: Robert Bruss is temporarily away and will return next week. The following column from Bruss' "Best of" collection first appeared Sunday, June 25, 2006. DEAR BOB: My son and his wife live in a free-and-clear house that I own. He pays utilities and maintains the property. He proposes I add both their names to the title so that in 24 months we can sell the property and he would then purchase -- in his name only -- a more expensive home. My son says no tax will be due on such a sale under that $500,000 tax exemption rule you often discuss, and the sale isn't even reportable to the Internal Revenue Service. I realize I would be passing on the value of the home to him, but I am not confident of the tax situation. Is he correct? --James S. DEAR JAMES: When you ...