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I bought a piece of property from my uncle for $1. It is paid off and he still pays insurance and property Taxes. Do I need to report anything on my 2017 tax return?
I bought a piece of property from my uncle for $1. It is family property, is paid off and he still pays all insurance premiums and property Taxes. Do I need to report anything on my 2017 tax return? It was basically gifted to me but he couldn't give it away so he had to sell it for $1. I assumed none of the financial burden or costs associated to the sale of property.
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‎June 6, 2019
2:13 AM