Property Management

Homeseekers Secures $5 Million In Stock Deal

HomeSeekers.com has entered an agreement with Newport Capital Holdings of Newport Beach, Calif. Newport Capital which will undertake the capital raising of $5 million dollars in new equity in a combination of common and preferred stock offering. NCH has committed to funding of $750,000 immediately, the first $500,000.00 of which closed May 9, 2001. The balance of funding is scheduled to complete within the next 60 days. Funds will be used for a combination of day-to-day operations and future business growth of HomeSeekers, primarily in its eBay and Realty Alliance marketing initiatives. Both of these initiatives are expected to be major contributors to HomeSeekers" revenue as they ramp up over the coming months.


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Question: I sold a rental property to my son this year, but my husband and I are listed on the deed with 66 percent ownership and my son 33 percent. The loan was taken out in my son"s name to buy the property. Because my husband and I still have ownership in this property, despite the real estate sales to my son, are we still liable for capital gains tax?

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