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Get your taxes done using TurboTax
@shelley1991 wrote:Would the gift tax apply in this situation instead?
The gift tax would not be applicable if your sister is paying you fair market value in exchange for your share.
Your sister's basis in the property (after she buys your share) would be whatever she originally paid for her one-half of the property plus whatever she pays you for your share.
‎October 20, 2022
12:24 PM