Re: Taxes owed after selling rental property
Level 15

Investors & landlords

I agree with the foregoing and urge you, @Pam190417, to seek professional guidance.

 

Actually, both you and the family member to whom you sold need professional guidance because the transaction appears to be part sale and part gift. In that event you and your family member should review the information at the links below.

 

https://www.irs.gov/publications/p544#en_US_2019_publink100072606

 

https://www.law.cornell.edu/cfr/text/26/1.1015-4

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