Hello,
My family and I have lived in our family home for 20+ years. My father passed away 5 years ago so my mother, my two sisters, and I lived together in the home. I have married andone of my sisters has married. She no longer lives with us. A year after my father passed one of my sisters and I were added to the title of the deed to refinance our mortgage and I began handling all of the expenses and activities for the house. We refinanced again later on and added my older sister so that all of us were on title. Fast forward to today we want to sell the house, but are not sure about taxes involved. We want to make it as simple as we can come tax time.
If the closing attorney must file a 1099 with all 6 of the joint tenants listed, but I am the only one who receives proceeds to my bank account can I claim the 100% of the sale price of the house, 100% adjusted cost basis, and 100% of the profit on my tax return? Can I still claim the $500k tax exemption since I am married filing jointly?
Do the others need to report the sale on their taxes if they didnt recieve proceeds?
