Hi all.
My parents bought their house #1 in 2015 for 400K. Last year they sold house #1 for 550K and bought house #2 for 800K. In both transactions, the houses were listed under me and my brother since my parents wish to pass the house on to us.
My question now is:
1. Would my brother and I have to owe capital gains on the 150K? If yes, how do my brother and I report it?
Thanks in advance!
