I have a unique situation. My brothers dad who was like a dad to me passed away in June. He lives in a community where the land is owned by the corporation and he only owns the home/parcel. The deed/title is in the name of the corporation and the corporation simply issues a site cabin permit and a certificate of ownership for the property itself. Prior to his passing, he signed the certificate over to me in my name to transfer ownership, so it wasn't left in the estate. The corporation said since my intent is to sell it, they weren't going to process the transfer with the county into my name, they would simply complete the transfer with the county once we sell it and get it transfered to the new owners names. I believe the home was valued at $177 last and we sold it for $300k. It is technically only in my name, but the profit will be split 3 ways between myself, my sister and my brother. Since he transferred to my name prior to his death and it wasn't left in an estate, and it is parcel only not land, will I still be subject to capital gains or am I exempt? And if I am still subject to it, how will I handle that on taxes since I have to split the money but its only in my name?
