rjs
Level 15
Level 15

Investors & landlords

You will have to pay tax on the gain from the sale of your share of the house.


Each owner has to receive his or her share of the proceeds from the sale. Trying to play games to hide the gain and evade the tax is tax fraud. It will just get you in trouble with the IRS and end up costing you more than if you just pay the tax. (It's not your "father's and step-mother's deed." It's your deed too. All three of you are on the deed.)


You should consult a local tax professional to determine your basis for your share of the house. That will determine the amount of taxable gain that you have. Your basis might be different from your father's and step-mother's basis.