I have a friend that owns a house in Florida and has a mortage of
300,000$. He is not able ta make those payments and hence i want to
help him out by taking over the motagage. My question is if he adds me
to the deed i can get the house refianced in my name , BUT i dont know
how much tax will i have to pay if i/we sold the house after 2 years
say for eaxmaple 500,000$. will i have to pay long term capital gain
on 200,000$?

What is the correct way to pay my taxes to IRS.