Thank you for your question
- In the future when you become the sole owner of this property and you decide to sell it at a gain then you must pay capital gain taxes (0%, 15%, 20%, 28%). If it sells at a loss, then you will get the benefit to report the loss up to $3,000 in your tax return. To determine the taxes at this point we can only estimate because we do not know how much your taxes will be. It also depends on the tax rules because they always change.
You can use our tax calculator to estimate the taxes at;
TURBOTAX ESTIMATOR/CALCULATOR
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
As far as your siblings, you will be the sole owner and you are responsible for the taxes, and you can only get reimbursed by them.
- The sale of the Condo will be reported as investment sale on schedule D and it will be showing on Form 1040 line 7. If it is a gain it will be shown as addition to your income and if it was a loss it will be shown as a deduction to your income
I hope this answered your question
Thank you so much
Martha
