How can I sell my half to my brother without getting screwed, regarding capitol gains taxes? It's not my primary residence.
It's a $300,000 dollar property with $60,000 left on the mortgage. What would you do?
2006-11-18 05:33:07 · 3 answers · asked by ireallycantbelievethat 2 in Business & Finance ➔ Taxes ➔ United States
The mortgage is not relevant for taxes. You need to know your tax basis in the property. Normally, property received by inheritance is valued at the time of death to determine basis. This means you should not have a capital gain. You said the house is "in trust". If this is true, neither you or your brother own the house, the trust does. Your ability to "cash out" is determined by the terms of the trust and the decision of the trustee. You need to consult and attorney who needs to read the trust documents.
2006-11-18 05:41:37 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
talk to an estate lawyer
2006-11-18 05:41:18 · answer #2 · answered by sunshine23511 5 · 0⤊ 0⤋
I would let him live in it for as long as he wishes...Rent free...
2006-11-18 05:41:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋