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Deductions & credits
who owned it and in what %s? also without knowing tax basis there's no way we can tell you what taxes might be owed and by whom. Except: 1) it seems that your uncle owned at least part of the home but did not live there for 2 out of 5 years before the sale. he will owe taxes on any gain. 2) if you didn't have an ownership interest, your uncle made a tax-free gift to you. you will owe no taxes and he will have to file a gift tax return.
‎August 23, 2021
11:57 AM