Per your question, my sister wants me to sell my share of a houewe inherited to her so she own the full house. So if I agreed,I would sell my 1/2 of the property which we both own to her at a set amount, likely at half the FMV at time of parent's death, right?
She owes me a lot in damages in relation to this transaction. So would I have to pay tax on the damages I am able to get paid back from her that would be above 1/2 the value of FMV?
Thanks
