Hello,
Thanks for the response. So in 2017 during estate planning, property was deeded "tenants in common" with mother (living trust), brother and daughter with the intent the property could be used after mother's passing. Fast forward, the property was just sold with mother still alive. At closing, brother and daughter received 45% of gross proceeds and mother received 10%. Although, the closing attorney indicated the total amount of gross proceeds on each 1099S, mother, brother and daughter. It seems the capital gains will be 15% but of what? Each pays 15% of the gross per their 1099S (effectively paying 45% of the gross to the IRS) OR pay 15% of the proceeds each received? 10%, 45% and 45%? I do realize "cost basis" will also factor but left it out to simplify the question.. any info will be greatly appreciated.. thanks
